Which of the Following Is the Best Example of a Standardized

question 78

Multiple Choice

Which of the following is the best example of a standardized good?

• A) Corn
• B) A handbag
• C) An autographed baseball
• D) Breakfast cereal

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Definitions:

Positive Externality

A benefit received by third parties not directly involved in an economic transaction, like the environmental benefits from a public park.

Semiconductor Industry

A sector focused on the manufacturing of semiconductors, which are essential components of electronic devices.

Public Park

An area of open space provided for recreational use, usually owned and maintained by a city or national government.

Marginal Social Benefit

The additional benefit received by society from the consumption of one more unit of a good or service.