A Public Good Is

question 62

Multiple Choice

A public good is

• A)a good that is rival and excludable.
• B)a good that is nonrival and nonexcludable.
• C)a good that is nonrival and excludable.
• D)a good that is rival and nonexcludable.

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Definitions:

Compete

The act or process of trying to win or do better than others in an activity, market, or situation.

Cooperate

To work together towards a common goal or purpose, often seen in various social, political, and economic contexts.

Cartels

are agreements between competing firms in the same industry to control prices, limit production, or divide markets, in order to increase profits by reducing competition.

Homogeneous Product

A homogeneous product is one that is perceived by consumers as identical in quality and function to a product from another producer.