Which of the Following Would Be Considered an Economic Function

question 307

Multiple Choice

Which of the following would be considered an economic function of government?

• A) providing a legal system
• B) promoting competition
• C) providing public goods
• D) All of the above are correct.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given time period.

Total Revenue

The total amount of money generated by the sale of goods or services before any expenses are subtracted.

Inelastic Portion

Part of the demand curve where consumers are less sensitive to price changes, meaning that the quantity demanded changes little with a significant price change.

Price Elasticity

The determination of demand elasticity for a product relative to changes in its price.