A Streetlight Is a

question 299

Multiple Choice

A streetlight is a

• A)private good.
• B)club good.
• C)common resource.
• D)public good.

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Definitions:

Inferior Good

Items for which demand falls when the income levels of buyers go up, unlike standard goods that see an increase in demand with rising incomes.

Income Effect

How shifts in the financial status of individuals or whole economies affect their purchasing desires for specific goods or services.

Price Increase

An increase in the price of products or services.

Income Effect

Variations in income for persons or within economies and how these variations modify the demand for goods or services.