Sometimes What We Think Is a Collective Consumption Good Only

question 21

Multiple Choice

Sometimes what we think is a collective consumption good only has those characteristics because of _____.

• A)high fixed costs.
• B)private production
• C)economies of scale
• D)government production

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Definitions:

Standardized Product

Goods or services that are uniform in quality and performance, allowing them to be interchangeable, which facilitates mass production and broad market acceptance.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.

Average Total Cost Curve

A graphical representation showing how the total cost per unit of output changes with the level of output.

Short Run

A period in economics during which the quantities of at least one input or resource are fixed, limiting the ability of the economy or firm to adjust to changes in demand or supply.