Fill in the blank: In order for the market to effectively and efficiently produce a good or service, entrepreneurs must be able to make a ______________________________.
3
1
One characteristic of a public good is that many people can enjoy/consume the good simultaneously. This is called
shared consumption
non-exclusion
private consumption
free-riding
4
1
Which of the following meets the characteristics of a pure public good?
Taxi
Sandwich
Lighthouse
Toll road
5
1
The government should produce the good or service as a public good if
leaders think the public needs it.
the cost outweighs the benefit.
the public demands it.
the benefit outweighs the cost.
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