One Difference Between the Demand for a Private Good and That

question 66

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 realizes 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:

Primary Sex Characteristic

The biological and physical characteristics that are directly involved in reproduction, such as the genitals and reproductive organs.

Reproductive Organs

Organs involved in the reproduction process, including in females the ovaries, fallopian tubes, uterus, and vagina, and in males the testes, vas deferens, and penis.

Facial Hair

Hair growth on the face, occurring typically in men, ranging from mustaches and beards to sideburns, reflecting personal and cultural significance.

Body Hair

The hair that grows on the human body during and after puberty.