Asked by
alyssa hanning
on Oct 26, 2024Verified
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.
Verified Answer
BB
Learning Objectives
- Understand scenarios of artificially scarce resources and recognize why they are viewed in this manner.