A(n)____________________ Is a Procedure That Returns a Value When It

question 26

Short Answer

A(n)____________________ is a procedure that returns a value when it is called.

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Definitions:

Public Good

Without profit motive, a product or service is made available to all societal members, courtesy of either governmental or private benefactors.

Nonrivalry

A characteristic of a good or service whereby its consumption by one individual does not reduce its availability for consumption by others.

Nonexcludability

The inability to keep nonpayers (free riders) from obtaining benefits from a certain good; a characteristic of a public good.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all members of society and one person's consumption does not reduce availability for others.