Examlex
What is the difference between mean-tested and non-means-tested programs? Provide examples of each,and explain how allocation of non-means-tested benefits has been criticized.
Public Good
Services or products are given freely to all members of society, supplied by either public institutions or private sectors, with no intention to profit.
Willingness To Pay
The maximum amount an individual is prepared to spend on a good or service, indicating the value they derive from the item.
Marginal Cost
The money required to produce another unit of a product or service.
Public Good
A benefit of goods or services, free of charge to everyone in society, provided by public authorities or private organizations or individuals, without seeking financial gain.
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