Which of the Following Is a Key Feature of a Public

question 48

Multiple Choice

Which of the following is a key feature of a public good?

• A)The good is rival in its consumption, but a consumer cannot be excluded from the good.
• B)The good is non-rival in its consumption and a consumer cannot be excluded from the good.
• C)The good is non-rival in its consumption, but a consumer can be excluded from the good.
• D)The good is rival in its consumption and a consumer can be excluded from the good.

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Definitions:

Dominant-Strategy Equilibrium

A situation in game theory where one strategy is better than others, regardless of what any other player chooses.

Dominant-Strategy Equilibrium

A state in a strategic game where each player's best strategy is independent of the strategies chosen by other players, resulting in a stable outcome no matter what the others do.

Tacit Collusion

A form of collusion that occurs without explicit agreement, where firms indirectly coordinate actions by understanding mutual interests.

Overt Collusion

An explicit agreement among competitors to fix prices, allocate markets, or limit production, which is illegal in many jurisdictions.