Asked by
Jessica Martinez
on Oct 26, 2024
Verified
The marginal cost of producing an artificially scarce good is usually equal to:
A) zero.
B) the marginal benefit if consumer surplus equals zero.
C) the average total cost.
D) its price.
Marginal Cost
The financial increase due to the production of an extra product or service unit.
Artificially Scarce Good
A product or service whose availability is restricted through patents, copyrights, or other legal means, rather than by the limits of physical scarcity.
- Differentiate between various types of goods (public goods, artificially scarce goods, common resources) and understand the source of market failure associated with each.
Verified Answer
AC
Learning Objectives
- Differentiate between various types of goods (public goods, artificially scarce goods, common resources) and understand the source of market failure associated with each.
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