Trevor Is on His Way to Work When He Realizes

question 142

Multiple Choice

Trevor is on his way to work when he realizes he has a flat tire. He swings into Sam's Club and has a new tire installed. Trevor's purchase of a new tire in this situation is considered to be

• A)a shopping good.
• B)a convenience good.
• C)an unsought good.
• D)a specialty good.
• E)an industrial good.

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Definitions:

Marginal External Cost

The additional cost society bears due to one more unit of a good or service being produced, not included in the producer's cost.

Aphrodisiacs

Substances that increase sexual desire or libido, these can be foods, drugs, or other agents.

Negative Externality

A cost that affects a party who did not choose to incur that cost or benefit, often seen in environmental pollution affecting bystanders not involved in the production or consumption causing the pollution.

Loud Music

High amplitude sound that can be enjoyable in some contexts but may lead to hearing damage or stress in others.