Which of the Following Is Most Likely a Private Good

question 6

Multiple Choice

Which of the following is most likely a private good?

• A) Cars.
• B) National defense.
• C) Sidewalks.
• D) The administration of justice.

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Definitions:

Price Elasticity

A calculation that expresses how demand for a certain product varies in reaction to its pricing shifts.

Luxury

Products or services viewed as luxurious and not necessary, frequently linked with premium quality and a high cost.

Necessity

A good or service that is essential for survival and basic well-being, often implying inelastic demand with respect to price changes.

Price Elastic Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with a higher elasticity indicating a greater response.