Public goods
A) are products supplied by the government.
B) are consumed by everyone when one person consumes them.
C) are efficiently produced by profit-seeking firms.
D) are freely traded on a market.
B
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A person should consume more of something when its marginal
A. cost exceeds its marginal benefit. B. benefit is positive. C. benefit exceeds its marginal cost. D. cost equals its net marginal benefit.
Under the Gramm-Leach-Bliley Act the oversight of the securities activities of bank holding companies belongs to
A) the SEC. B) the Comptroller of the Currency. C) the U.S. Treasury. D) the Federal Reserve.
Marginal cost a. Is the incremental cost incurred by producing an additional unit of output. b. Is the total cost of production
c. Is the total fixed cost of production. d. None of the above
A price floor will be binding only if it is set a. equal to the equilibrium price
b. above the equilibrium price. c. below the equilibrium price. d. either above or below the equilibrium price.