Private Markets Will Not Provide the Efficient Quantity of a Public

question 98

Multiple Choice

Private markets will not provide the efficient quantity of a public good because

• A) of the principle of minimum differentiation.
• B) public goods are rival and excludable.
• C) of rational ignorance.
• D) of the free-rider problem.

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Definitions:

ABS Outputs

The signals or actions produced by the Anti-lock Braking System to prevent wheel lockup and maintain steering control during braking.

PLC

Programmable Logic Controller, an industrial digital computer adapted for the control of manufacturing processes, such as assembly lines, robotic devices, or any activity that requires high reliability, ease of programming, and process fault diagnosis.

Tandem Axle

A configuration of two axles situated close together in a vehicle to support more weight and improve stability, often found in trucks and trailers.

Drive Axle Brakes

Braking systems located on the drive axles of a vehicle, crucial for transferring braking force to the wheels to slow or stop the vehicle.