An important difference between the demand for a private good and the demand for a public good is that
A) the resources used to provide public goods are common resources or government owned; the resources used to produce private goods are all privately owned.
B) individuals reveal their preferences for a public good but they do not have to reveal their preferences a private good.
C) the demand for a private good produces consumption externalities; the demand for a public good produces production externalities.
D) individuals reveal their preferences for a private good but they do not have to reveal their preferences for a public good.
D
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Refer to the scenario above. If the starting bid is $250, ________ will win the auction and will have to pay ________ for the painting
A) Bob; $250 B) James; $400 C) Rachel; $450 D) Joe; $400
Assume the government is concerned about the high price of Atlantic Red Crab and announces that it is going to shorten the fishing season to one week
What impact will this have on the quantity of crab caught and the price of crab? Will this actually result in greater protection of the Atlantic Red Crab?