A Commodity or Service Whose Consumption by One Person Does

question 106

Multiple Choice

A commodity or service whose consumption by one person does not preclude others from also consuming it is called a

• A) private good.
• B) public good.
• C) Giffen Good.
• D) Coase Good.

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Definitions:

Widespread Diffusion

The broad and extensive spread of something, such as a technological innovation or cultural idea, across a wide area or among a large number of people.

Oligopolists

Firms or entities that are part of an oligopoly, a market dominated by a small number of large suppliers, leading to limited competition.

R&D

Research and Development; activities in connection with corporate or governmental innovation, encompassing the work towards the development of new products or procedures.

Economic Profit

The financial surplus a company has after deducting all types of costs, including visible and hidden, from its gross income.