A Good Is More Likely to Be Produced at Home

question 144

Multiple Choice

A good is more likely to be produced at home than in the market if _____.

• A) it requires few specialized resources.
• B) the average cost of household production is high.
• C) the marginal benefit from the good is higher than the marginal cost of production.
• D) the marginal benefit from the good is lower than the marginal cost of production.
• E) the opportunity cost of household production is high.

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Definitions:

Calling

A deep sense of purpose or a strong inner urge toward a particular course of action, often related to career or vocation.

Main Virtues

Fundamental qualities valued as an essential foundation for good moral character, such as honesty, courage, and compassion.

Positive Institution

A framework or organization that contributes positively to societal well-being and development.

Spirituality

An individual's quest for understanding the sacred or the profound often involving feelings of connectedness to something greater than oneself.