If a Good Is a Public Good

question 45

Multiple Choice

If a good is a public good,

• A)anyone can be excluded from enjoying its benefits.
• B)no one can be excluded from enjoying its benefits.
• C)consumers must pay a high price to enjoy its benefits.
• D)it is rival and excludable.
• E)economies of scale exist over the entire range of output for which there is a demand.

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Definitions:

Extreme

Refers to values in a data set that are significantly higher or lower than the majority of the values.

Mild

Describes something that is gentle or not severe in effect or degree.

Contingency Table

A table used in statistics to display the frequency distribution of variables, showing the number of observations for each combination of two categorical variables.

Mutually Exclusive

Two events that cannot both occur at the same time, often referenced in probability and statistics to describe situations where the happening of one event excludes the occurrence of another.