Asked by
Austin Tuttle
on Oct 26, 2024Verified
A very large museum could accommodate many more visitors than it does without reducing the enjoyment of the visitors if it did not charge such a high price for admission.Visits to the museum are a(n) :
A) private good.
B) public good.
C) common resource.
D) artificially scarce good.
Artificially Scarce Good
A product or service whose availability is limited due to artificial constraints, such as legal restrictions or monopolistic practices, rather than natural scarcities.
- Distinguish among diverse categories of goods, such as public goods, artificially scarce goods, and common resources, while comprehending the origins of market failure linked to each type.
Verified Answer
SA
Learning Objectives
- Distinguish among diverse categories of goods, such as public goods, artificially scarce goods, and common resources, while comprehending the origins of market failure linked to each type.
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