Excludability Means That Buyers Who Are Willing and Able to Pay

question 15

True/False

Excludability means that buyers who are willing and able to pay the market price for the product do not obtain its benefits,but those unable or unwilling to pay that price do obtain the benefits.

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Definitions:

Average Total Cost

The total cost per unit of output, calculated by dividing the total cost of production by the number of units produced.

Total Cost

The complete cost of production including fixed and variable costs.

Average Total Cost

The total of all costs divided by the number of goods produced, representing the per unit production cost.

Output

The total amount of goods or services produced by an individual, company, or country.