Which of the following are two features of public goods?
A. Their costs are borne collectively, and no one can be excluded from their benefits.
B. They are finite and paid for by individuals.
C. They are provided according to the demands of the market and they are excludable.
D. They are purchased from the lowest seller and sold to the highest bidder.
Answer: A
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The federal agency that handles disaster response is the ________
a. Council of Governors b. Federal Emergency Management Agency c. Food and Drug Administration d. Drug Enforcement Agency e. U.S. Marshall's Office
The free-rider problem describes ______.
A. the costless consumption of a public good by a large number of individuals resulting in its destruction B. the tendency of individuals to defect from group activity in favor of their own interests C. the ability of an individual to gain a benefit while not contributing to collective action D. the challenges associated with balancing transaction and conformity costs