In the model of public goods, when the government chooses public goods provision optimally
A) there is no public goods production.
B) public goods are provided in an amount equal to private goods.
C) the marginal rate of substitution of private goods for public goods equals the marginal rate of transformation.
D) GDP is maximized.
C
Economics
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The table gives data on the production and prices in a small economy. Use 2012 as the base period
a. What does nominal GDP equal in 2012? b. What does real GDP equal in 2012? c. What does nominal GDP equal in 2013? d. Using the chained-price method, what does real GDP equal in 2013?
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