Public Goods Are Characterized by

question 8

Multiple Choice

Public goods are characterized by

• A)nonrivalness.
• B)excludability.
• C)the sum of the MRSs equaling MRT.
• D)all of the above.

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Definitions:

Output

The total quantity of goods or services produced by a firm, industry, or economy within a certain period.

Total Cost

The complete expenditure incurred in the production of goods or services, including fixed and variable costs.

Output

The total amount of something produced by a person, machine, or industry.

Average Variable Cost

The total variable costs (costs that change with production levels) divided by the quantity of output produced.