One Notable Characteristic of a Public Good Is That

question 4

Multiple Choice

One notable characteristic of a public good is that

• A) its production incurs no economic costs.
• B) consumers can easily be denied the benefits of the good.
• C) it will automatically be produced by the free market price system.
• D) its consumption by one person does not reduce the amount available to others.
• E) consumers may readily divide it into individual pieces and distribute it among themselves.

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Definitions:

Basic Concept

Fundamental ideas or principles that serve as the foundation for a subject or theory.

Mental Set

A psychological tendency to approach situations in a certain way due to past experiences and perceptions, which can sometimes hinder problem-solving.

Mental Image

A mental representation that mirrors or resembles the thing it represents; mental images occur in many and perhaps all sensory modalities.

Sensory Modalities

Different forms of sensory perceptions, such as sight, sound, touch, taste, and smell, through which we experience the world.