A Library Is a Public Good

question 18

Multiple Choice

A library is a public good.The marginal cost curve for libraries in Lafayette,California

• A) has a negative slope.
• B) is definitely a horizontal line.
• C) has a positive slope.
• D) is a vertical line.
• E) is identical to the marginal benefit curve because libraries are nonrival.

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Definitions:

Scarce

A term describing the limited availability of resources relative to the wants and needs for them, leading to the necessity of making economic choices.

Additional Benefit

An additional benefit refers to extra advantages or perks that come from using a product or engaging in an activity, beyond the primary gains.

Additional Cost

The extra cost that is incurred when an economic agent decides to increase the level of an activity or purchase.

Labor Market

The marketplace in which individuals offer their labor for employment and employers seek to hire labor to fill available positions.