Question 1
For ________ goods, market demand is the horizontal summation of individual demand curves and for ________ goods, market demand is the vertical summation of individual demand curves.
◦ private; public
◦ public; private
◦ nonrival; rival
◦ nonexcludable; excludable
Question 2
Refer to the information given in Table 16.7 below to answer the question that follows.
Refer to Table 16.7. A point on the market demand curve for this public good would be: at a price of ________ quantity demanded would be ________.
◦ $15; 5
◦ $25; 3
◦ $50; 1
◦ $55; 1