A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2011 · Q171 Mark

What is a merit good?

Agood or service which has higher social costs than private costs

Bgood or service which has no opportunity cost

Cgood or service which is both non-excludable and non-rival

Dgood or service which has a greater value than individuals recognise

✓ Correct answer

D: good or service which has a greater value than individuals recognise

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source: A-Level Economics, Oct/Nov 2011 Paper 1 Variant 2, question 17.

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