Examlex
State whether each of the following goods and services is nonrival, nonexcludable or both:
a.A toll road
b.A public park
c.A lighthouse
d.An art museum
e.A radio broadcast of "A Prairie Home Companion"
Interest-Rate Cost-Of-Funds
The cost incurred by a financial institution to acquire the funds that it lends out to its customers, which is often influenced by prevailing market interest rates.
Marginal Cost
The rise in cost due to the production of an extra unit of a product or service.
Marginal Benefit
Marginal benefit refers to the extra benefit received from the consumption or use of an additional unit of a good or service.
R&D Spending
R&D Spending refers to the money allocated by businesses or governments towards research and development of new products or services.
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