Examlex

Solved

Which of the Following Statements Is False

question 6

Multiple Choice

Which of the following statements is false?


Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Nonexcludable

A characteristic of a good or service that prevents individuals who have not paid for it from being easily excluded from its use or benefit.

Nonrival

A characteristic of a good or service where one person's use does not diminish its availability to others.

Marginal Cost

The increase in total production cost that arises from producing one additional unit of a good or service.

Related Questions