The Most Expensive Refrigerator in the World Is the Sub-Zero

question 112

Multiple Choice

The most expensive refrigerator in the world is the Sub-Zero brand.Many consumers believe it to be the best brand made.For people who insist on having the best kitchen money can buy and will accept no less,the Sub-Zero refrigerator is an example of what kind of product?

• A) heterogeneous shopping
• B) specialty
• C) convenience
• D) exclusive

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Definitions:

Nonexcludable Good

A good that cannot be withheld from individuals once it has been provided, leading to free-riding issues.

National Defense

The protective measures and military actions that a country undertakes to defend itself against threats and maintain national security.

Market Failure

Occurs when the allocation of goods and services by a free market is not efficient.

Free-rider Problem

A situation in public economics where individuals consume a good without paying for it, leading to underproduction or depletion of the good, as seen often in public goods and common resources.