Author Question: What are public goods? What will be an ideal response?[br][br][b][color=#165FFA]Question ... (Read 27 times)

geoffrey · **on:** Jun 29, 2018

What are public goods?

What will be an ideal response?

Question 2

If the price of a good falls and expenditure on the good rises, the demand for the good is _______.

A. elastic
B. perfectly elastic
C. inelastic
D. unit elastic

skipfourms123 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Public goods are goods or services that bestow collective benefits on members of society. Generally no one can be excluded from enjoying their benefits.

Answer to Question 2

A The total revenue test on page 121 shows that demand is elastic.