Provide an Appropriate Response

question 57

Multiple Choice

Provide an appropriate response.
-A survey of residents in a certain town indicates 170 own a dehumidifier, 130 own a snow blower, and 80 own a dehumidifier and a snow blower. How many own a dehumidifier or a snow blower?

• A) 80
• B) 250
• C) 170
• D) 220

Understand the concepts of public goods, private goods, and their characteristics.

Identify and explain market failures related to public goods, including the free-rider problem.

Recognize the conditions under which the provision of public goods is optimal, including the role of the government.

Distinguish between rival and nonrival, excludable and nonexcludable goods.

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Definitions:

Planning

Establishing a broad outline for goals, policies, and procedures that will accomplish the objectives of the organization.

Sales Call

A sales call is a communication attempt, either face-to-face or via telephone, made by a salesperson to pitch a product or service to a potential customer.

Purpose

The motive behind doing or creating something, or the reason for its existence.