No Individual Is Willing to Pay for the Efficient Quantity

question 201

Multiple Choice

No individual is willing to pay for the efficient quantity of a public good because the marginal benefit to an individual _____ the marginal social benefit.

• A)equals
• B)exceeds
• C)is less than
• D)may be equal to or greater than

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Definitions:

Inputs

The resources, raw materials, labor, and energy used in the production process to create goods or services.

Microbreweries

Small-scale breweries that produce limited quantities of beer, often characterized by their emphasis on quality, flavor, and traditional brewing methods.

Synthetic System

An artificial arrangement or system designed to imitate or replicate certain functions of a natural system.

Continuous Process

A production process that operates for long periods of time without interruption.