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Austin Tuttle
on Oct 26, 2024

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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.
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summaya al-hsaniOct 29, 2024
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