Examlex
-The table above gives the cost of producing T-shirts. The total fixed cost is ________ and the marginal cost of increasing production from 5 to 6 T shirts is ________.
Public Good
Goods or services made available to all individuals within a society free of charge, supplied by the government or by private non-profit entities.
Private Good
A good or service that is individually consumed and that can be profitably provided by privately owned firms because they can exclude nonpayers from receiving the benefits.
Nonpayers
Individuals who benefit from goods or services without directly contributing to the cost, often associated with public goods.
Nonexcludability
is a characteristic of public goods where it is impossible to prevent individuals from enjoying the benefits of a good or service, regardless of whether they have paid for it.
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