The primary difference between private goods and public goods is that
A. private goods are consumed by private individuals whereas public goods are not consumed by private individuals.
B. private goods often yield externalities but public goods do not.
C. property rights can be assigned to public goods but not to private goods.
D. public goods are nonrivalrous in consumption whereas private goods are rivalrous in consumption.
Answer: D
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A fall in the price level brings a ________ in the real wage rate that ________ profits and can lead to ________
A) fall; decreases; new firms entering business B) rise; reduces; firms going out of business C) rise; reduces; new firms entering business D) fall; increases; firms going out of business E) rise; increases; new firms entering business
Suppose the price of a scooter is $200 and Cora Lee is willing to pay $250. Cora Lee's
A) consumer surplus from that scooter is $200. B) consumer surplus from that scooter is $50. C) marginal benefit from that scooter is $100. D) consumer surplus from that scooter is $150. E) consumer surplus from that scooter is $250.