Which of the following is not a quasi-public good ?
Correct answer: B. an automobile
- A. national defense
- B. an automobile
- C. libraries
- D. fire protection
Explanation
An automobile is a private good because it is rival in use and can be excluded from non-payers. National defense, libraries and fire protection have public or quasi-public characteristics.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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