An Important Difference Between the Demand for a Private Good

question 144

Multiple Choice

An important difference between the demand for a private good and the demand for a public good is that

• A)individuals reveal their preferences for a public good but they do not have to reveal their preferences a private good.
• B)the resources used to provide public goods are common resources or government owned; the resources used to produce private goods are all privately owned.
• C)individuals reveal their preferences for a private good but they do not have to reveal their preferences for a public good.
• D)the demand for a private good produces consumption externalities; the demand for a public good produces production externalities.

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Definitions:

War of 1812

A conflict fought between the United States and the United Kingdom, along with their respective allies, from 1812 to 1815, primarily over issues of trade restrictions and American territorial expansion.

New England Merchants

Colonial and early American merchants located in the New England region, known for engaging in trade and commerce, including the Triangle Trade.

Mob Violence

Acts of violence committed by large groups of people, often driven by social, political, or economic grievances.

Shawnee Leader

typically refers to a figure of authority or notable individual within the Shawnee, a Native American tribe originally from the Ohio Valley region, playing significant roles in their community and history.