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:

Production Possibility Frontiers

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Wheat

A cereal grain that is a worldwide staple food, grown in countless varieties.

Cattle

Domesticated bovine animals that are raised for various purposes including meat (beef and veal), dairy products, leather, and as draught animals.

Opportunity Cost

Opportunity Cost is the value of the best alternative that is foregone when a particular decision is made.