Which Type of Product Is Good for Both Consumers and Society

question 94

Multiple Choice

Which type of product is good for both consumers and society in the long run and offer high utilitarian value but not hedonic value?

• A) long-term
• B) pleasing
• C) desirable
• D) salutary

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of a good changes as production volume changes.

Monopolist

An individual or company that holds a monopoly in a particular market, controlling the supply of a product or service and potentially its price.

Railroad

A mode of land transportation involving trains running on tracks to transport passengers or goods across various distances.

Market Price

The price at which a product or service is bought and sold in the competitive marketplace.