One Difference Between the Demand for a Private Good and That

question 18

Multiple Choice

One difference between the demand for a private good and that for a public good is that

• A)with a private good, each consumer chooses the quantity she wants to consume but with a public good, each consumer chooses the price she is willing to pay for a fixed quantity.
• B)with a private good, each consumer chooses the quantity she wants to consume but with a public good, everyone consumes the same quantity.
• C)with a private good, each consumer receives different amounts of benefit from consuming the product but with a public good, every consumer realises the same amount of benefit from consuming the product.
• D)the marginal benefit from consuming the last unit of a public good always exceeds the marginal benefit from consuming the last unit of a private good because there are externalities in the consumption of the former.

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Definitions:

Beta Bias

A tendency in research and analysis to minimize or ignore differences between groups, potentially leading to generalized and inaccurate conclusions.

Natural Caregivers

Individuals who innately possess a tendency or ability to provide care and support to others in a compassionate manner.

NCDA Policy

Guidelines and stances established by the National Career Development Association that govern the practice and ethics of career development professionals.

Occupational Choices

The selection of careers or jobs based on personal preference, skill set, and market opportunities.