The Efficient Quantity of a Public Good Produced Is _____

question 181

Multiple Choice

The efficient quantity of a public good produced is _____

• A)determined by the intersection of the market demand curve and the marginal cost curve.
• B)achieved where the sum of marginal valuations equals the sum of marginal costs.
• C)determined by the intersection of the market demand and market supply curves.
• D)achieved where marginal revenue product equals marginal factor cost.
• E)achieved at the minimum point of the average total cost curve.

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Definitions:

Late Majority

A classification of individuals in the technology adoption lifecycle who are more skeptical about innovation and adopt new technology or ideas after the average member of a society.

Curved-screen Television

A television with a curved screen designed to provide a more immersive viewing experience by enhancing the field of view and reducing glare and distortion.

Bell-shaped

Describes a graphical depiction, often used in statistics, where the largest frequency of data forms in the middle and tapers off symmetrically towards both ends, resembling the shape of a bell.

Early Majority

A group of consumers in the diffusion of innovation model that represents approximately 34 percent of the population; members don’t like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them.