The Fact That Economic Generalizations Are Abstract Renders Them Impractical

question 95

True/False

The fact that economic generalizations are abstract renders them impractical and useless.

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Definitions:

Public Good

A good that is non-excludable and non-rival in consumption, meaning no one can be prevented from using it and one person's use does not reduce availability to others.

Marginal Social Benefit

The additional benefit to society from producing one more unit of a good or service.

Marginal Benefit

The bonus satisfaction or benefit gained by consuming one more unit of a good or service.

Marginal Social Benefit

The additional benefit to society from consuming one more unit of a good or service.