The BEST Example of a Private Good Is

question 20

Multiple Choice

The BEST example of a private good is:

• A) an automobile.
• B) public education.
• C) national defence.
• D) law enforcement.

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Definitions:

Goods and Services

The physical items (goods) and activities or benefits (services) that are produced and provided to satisfy consumers' needs and wants.

Demand for Cars

Demand for Cars represents consumers' desire and ability to purchase cars, influenced by factors such as price, income levels, and personal preferences.

Short Run

A period during which at least one of a firm's inputs is fixed and cannot be changed.

Long Run

A period in economics where all factors of production and costs are variable, and firms can adjust all inputs according to market demands.