An Example of a Public Good Is

question 223

Multiple Choice

An example of a public good is:

• A) courts of law.
• B) clothing.
• C) food.
• D) state universities.

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Definitions:

Demand Equals Supply

A market equilibrium condition where the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Numeraire

A unit of account or standard measure in economics used to compare the value of goods or services.

Pareto Optimal

Another term for Pareto Efficient; describes a situation where no one's condition can be improved without worsening someone else's condition.

Initial Endowment

The initial quantity of goods, services, and assets that an individual, organization, or economy possesses.