Asked by
Jeremy Mansuri
on Dec 05, 2024Verified
A good is MOST likely to be artificially scarce if:
A) it is nonexcludable and nonrival.
B) the seller is a monopolist.
C) it is nonexcludable but rival.
D) it is excludable but nonrival.
Artificially Scarce
A situation where the supply of a good is limited by factors other than its physical scarcity, often due to regulatory or monopolistic practices.
Excludable
Referring to a good, describes the case in which the supplier can prevent those who do not pay from consuming the good.
Nonrival
A property of a good or service where its consumption by one individual does not reduce availability for others, often found in public goods.
- Detect examples of artificially constrained items and fathom the justification for their acknowledged status.
- Discriminate between goods based on their excludability and non-excludability.
Verified Answer
DL
Learning Objectives
- Detect examples of artificially constrained items and fathom the justification for their acknowledged status.
- Discriminate between goods based on their excludability and non-excludability.