28. One difference between a public and a private good is that the former exhibi

ID: 1126425 • Letter: 2

Question

28. One difference between a public and a private good is that the former exhibits a(n) __________ demand.

a. competing

b. complementary

c. inelastic

d. elastic

30. The individual demands for a public good are summed vertically because

a. the demands are competing.

b. the demands are complementary.

c. price is measured vertically.

d. the marginal cost of provision is zero.

31. Equilibrium in the public-goods case with simultaneity of consumption requires each consumer to consume __________ of the good.

a. a large quantity

b. an equal quantity

c. different quantities

d. a small quantity

Ans 28 option c i.e. inelastic.

Ans 30 option c i,e. price is measure vertically.

Ans 31 option b i.e. an equal quantity.

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