A Good That Is Both Nonexcludable and Nonrival-In-Consumption Is Called

question 31

Multiple Choice

A good that is both nonexcludable and nonrival-in-consumption is called a

• A) common good.
• B) external good.
• C) public good.
• D) private good.

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Definitions:

Output

The total amount of goods or services produced by a person, machine, business, country, etc., during a given period.

Economic Profit

The net gain or loss after removing both easily identifiable and not readily apparent expenses from the overall turnover.

Price

The amount of money or compensation given in exchange for goods or services in a market.

Diagram

A simplified representation or drawing that illustrates relationships or processes, often used in economics to demonstrate concepts or data visually.