the efficient quantity of a public good produced is a. achieved where marginal revenue product equals marginal factor cost. b. determined by the intersection of the market demand curve and the marginal cost curve. c. determined by the intersection of the market demand and market supply curves. d. achieved at the minimum point of the average total cost curve. e. achieved where the sum of marginal valuations equals the sum of marginal costs.

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Migueguerrero7330 Migueguerrero7330

08-12-2022
Business

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the efficient quantity of a public good produced is a. achieved where marginal revenue product equals marginal factor cost. b. determined by the intersection of the market demand curve and the marginal cost curve. c. determined by the intersection of the market demand and market supply curves. d. achieved at the minimum point of the average total cost curve. e. achieved where the sum of marginal valuations equals the sum of marginal costs.

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nd5905418 nd5905418 · Answer 1 · 2022-12-10T11:16:28+01:00

The efficient quantity of a public good produced is achieved where marginal revenue product equals marginal factor cost. Thus option (a) is correct.

What is a public good?

A public good refers to a commodity or service that is made available to all members of a society. Typically, these services are administered by governments and paid for collectively through taxation.

The examples of public goods include law enforcement, national defense and the rule of law.

A public good must be non-rivalrous ( means that the goods do not dwindle in supply as more people consume them) and non-excludable (means that the good is available to all citizens).

Learn more about the public goods here:

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