What distinguishes public goods from private goods?
Public goods are both nonrival in consumption (one person's consumption does not diminish another's) and nonexclusive (you cannot prevent nonpaying individuals from benefiting from the good). Private goods are both rivalrous and exclusive. One's consumption of such a good does diminish another's, and you can keep nonpaying individuals from consuming the good or service.
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What is the shape of a perfectly elastic demand curve? Explain its significance for a seller.
What will be an ideal response?
PriceQuantity Demanded$510$420$330$240$150Refer to the table above. Starting at a $1 price, at what price range does demand become elastic?
A. $4-5 B. $3-4 C. $1-2 D. $2-3
The labor force is best defined as the part of the
A. adult population that is working. B. population that is working or capable of working. C. population that is working, looking for a job, or capable of working. D. adult population that is either working or actively looking for a job.
A firm is operating in its range of economies of scale and is on both its LRAC curve and its short-run ATC curve. At that level of output, the slope of its LRAC curve is
A) zero and the slope of its ATC curve is zero. B) zero and the slope of its ATC curve is negative. C) negative and the slope of its ATC curve is zero. D) negative and the slope of its ATC curve is negative.