A Nonexcludable Public Good Is

question 73

Multiple Choice

A nonexcludable public good is

• A)rivalrous in consumption and nonexcludable
• B)nonrivalrous in consumption and excludable
• C)nonrivalrous in consumption and nonexcludable
• D)rivalrous in consumption and excludable

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Definitions:

ATC

Average Total Cost; the total cost divided by the quantity produced, representing the cost per unit of output.

AFC

Stands for Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.

MC Curve

Marginal cost curve represents how the cost of producing one more unit of a good changes as production scales.

Market Quantity

The total amount of a good or service supplied and purchased in a market at a given price.