Suppose a Public Good Is Provided in an Economy with Only

question 110

Multiple Choice

Suppose a public good is provided in an economy with only two consumers,Popeye and Captain Hook.If Popeye values the public good at $4,000 per year,and Captain Hook values it at $3,000 per year,the economy's marginal benefit of the public good per year is

• A) $7,000.
• B) $4,000.
• C) $3,000.
• D) $1,000.
• E) $12,000.

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Definitions:

Appearance-reality Distinction

The appearance-reality distinction is a cognitive development concept, indicating a child's ability to differentiate between how things seem and how they actually are.

Mental Representation

Internal cognitive symbols that represent external reality or mental imagery, used in thought processes to understand and interact with the world.

Mass

A measure of the amount of matter in an object, often confused with weight, which is the force exerted by gravity on an object.

Cross-culturally

Relating to or involving comparison between two or more cultures to explore their differences and similarities, often used in research to understand universal versus culture-specific behaviors and practices.