The Efficient Quantity of a Public Good Is the Quantity

question 80

True/False

The efficient quantity of a public good is the quantity that sets the marginal social benefit from the good equal to the good's marginal social cost.

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Definitions:

Common Law

A body of legal rules that have been made by judges as they issue rulings on cases, as opposed to laws made by legislatures or in official statutes.

Revocation of Acceptance

The withdrawal of a previously given acceptance of an offer, contract, or agreement, typically due to the discovery of defects or a breach of warranty.

Magnuson-Moss Act

A federal law enacted in 1975 that governs warranties on consumer products to protect consumers from deceptive warranty practices.

Express Warranty

An explicitly stated guarantee provided by a seller to a buyer, promising the quality or performance of a product.