A Good for Which It Is Impossible or at Least

question 155

Multiple Choice

A good for which it is impossible or at least very costly to exclude nonpaying customers from receiving the good and for which many individuals can share in the consumption of the same unit of the good is called a

• A) public good.
• B) joint good.
• C) excludable good.
• D) national good.

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Definitions:

Average Variable Cost

The cost of labor, materials, and other inputs that change with the level of output, averaged over the quantity produced.

Output

The total amount of goods and services produced by an economic entity in a specific period.

Total Cost

The sum of all costs involved in producing a given level of output, including both fixed and variable costs.

Minimum Point

The lowest point on a curve, often referring to the lowest point of costs or output in economic models.