A Government-Sponsored Good Is Often

question 238

Multiple Choice

A government-sponsored good is often

• A) produced by the government.
• B) subsidized.
• C) taxed.
• D) advertised.

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Definitions:

Function

In mathematics, a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output.

Production Function

An equation or graph that shows the maximum output that can be produced from a given set of inputs or resources, under certain conditions and technologies.

Returns To Scale

The rate at which production output increases as a result of proportional increases in all inputs.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.