A Private Good Is Defined as a Good or Service

question 170

Multiple Choice

A private good is defined as a good or service

• A) that is something tangible.
• B) that is rival and excludable.
• C) that is rival and nonexcludable.
• D) produced by a single country.
• E) that is nonrival and nonexcludable.

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Definitions:

Marginal Product

The increase in output resulting from a one-unit increase in the input of a production factor, holding all other inputs constant.

Marginal Product

The additional output resulting from one more unit of a given input, holding all other inputs constant.

Average Product

The output per unit of input, measured by dividing the total product by the quantity of input.

Average Product

The output per unit of input, calculated by dividing total production by the number of units of input.