A Public Good Is One That Is Supplied To

question 36

Multiple Choice

A public good is one that is supplied to:

• A)only people who pay for it.
• B)only people who do not pay for it.
• C)all people,regardless of whether they pay for it or not.
• D)the government by private firms.
• E)foreign governments by our federal government.

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Definitions:

Benefits

The advantages or profits gained from something, including goods, services, or actions.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, indicating that a small change in price can lead to a significant change in the quantity demanded.

Less Elastic

Describes a situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.

Market Segment

A group of potential customers who share similar needs or characteristics that a company targets with its products or services.