A Public Good

question 68

Multiple Choice

A public good

• A) can only be consumed by one person at a time.
• B) can be consumed simultaneously by many people.
• C) is any good provided by a company owned by a member of the public.
• D) is any good provided by government.
• E) is both rival and excludable.

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Definitions:

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to the level of satisfaction or utility those goods provide.

Cow Feed

Food specifically formulated or suitable for feeding cattle.

Consumption

Refers to the total amount of goods and services purchased and used by consumers over a period of time.

Utility Function

A mathematical representation of how a set of choices maps to their associated levels of happiness or satisfaction for an individual or entity.