Goods and Services Provided by the Government Are Called

question 53

Multiple Choice

Goods and services provided by the government are called

• A) government goods.
• B) public goods.
• C) free goods.
• D) social goods.
• E) national goods.

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Definitions:

Firm

A business organization, such as a corporation or partnership, that sells goods or services for profit.

Marginal Revenue

The enhanced earnings from selling an additional unit of a product or service.

Pure Competition

A market structure characterized by a large number of firms, all producing identical products, and no single firm has any influence over market price.

Extra Unit

The additional quantity of a product or service that is produced or provided.