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The Following Information Is for a Public Good

question 97

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The following information is for a public good.Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good,rather than do without it.These people are the only two members of society.If this good were a private good instead of a public one,the total quantity demanded at a $3 market price would be: The following information is for a public good.P<sub>a</sub> and P<sub>b</sub> are the prices that individuals A and B are willing to pay for the last unit of a public good,rather than do without it.These people are the only two members of society.If this good were a private good instead of a public one,the total quantity demanded at a $3 market price would be:   A)  2 units. B)  3 units. C)  6 units. D)  4 units.

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Definitions:

Stanford-Binet Test

A standardized intelligence test used to measure cognitive abilities and intellectual potential in individuals.

Normal Range

The set of values within which a normal function or phenomenon occurs; often used in a medical context.

Gifted

Possession of above-average intelligence (an IQ of 130 or higher) and/or superior talent for something.

Stanford-Binet

A standardized test that assesses intelligence and cognitive abilities in children and adults, based on the original work by Binet and later refined at Stanford University.

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