To Be Considered a Group, There Must Be at Least

question 77

True/False

To be considered a group, there must be at least five people.

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Definitions:

External Benefit

A benefit that an activity or transaction provides which is not captured by the consumer or producer, benefiting others in society.

Public Good

A product or service that is made available to all members of a society, typically funded by the government, and characterized by non-excludability and non-rivalry.

External Cost

represents a negative spillover effect of an economic transaction on a third party who was not involved in the transaction.

External Costs

Costs that are not borne by the parties involved in economic transactions but are imposed on others, such as environmental pollution.