When What People Pay Does Not Necessarily Reflect the Real

question 42

Multiple Choice

When what people pay does not necessarily reflect the real value they put on a good,it is likely that the:

• A) free rider problem does not exist.
• B) good will be undersupplied.
• C) good is easily excludable.
• D) not a socially desirable good.

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Definitions:

LMC

Least Material Condition; a condition of a feature which contains the minimum amount of material yet still meets the specified limits of size.

Freedom of Assembly

The ease with which parts can be put together, denoting flexibility in assembly operations.

Symbol

A graphical representation used to convey information or specifications.

Maximum Straightness Tolerance

The highest allowable deviation from a perfectly straight line that a component or feature can have.