A Pure Public Good Is One That Is

question 62

Multiple Choice

A pure public good is one that is

• A)highly nonrival and nonexcludable.
• B)slightly nonrival and nonexcludable.
• C)nonexcludable.
• D)highly nonrival but only slightly nonexcludable.

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Definitions:

Total Costs

The complete sum of all expenses a business incurs to produce its goods or services, including both fixed and variable costs.

Output

The cumulative quantity of products or services generated by a corporation, sector, or nation.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the quantity of output produced; represents the per unit cost of production.

Marginal Cost

The price increase caused by the creation of one more unit of a product or service.