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alyssa hanning
on Oct 26, 2024

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An artificially scarce good is a good or service for which exclusion is _____ and that is _____ in consumption.

A) possible;rival
B) possible;nonrival
C) not possible;rival
D) not possible;nonrival

Artificially Scarce Good

A product or service whose supply is deliberately limited, often to maintain high prices or for other non-market reasons.

Excludable

Excludable describes a good or service that one can prevent others from using unless they pay for it, characterized by the ability to exclude non-payers.

Nonrival

A characteristic of a good whereby one person's consumption does not reduce availability to others, often associated with public goods.

  • Understand scenarios of artificially scarce resources and recognize why they are viewed in this manner.
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Brooke BaldwinOct 28, 2024
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