Asked by
Dustin Miller
on Dec 05, 2024
Verified
The source of inefficiency in the use of artificially scarce goods is similar to the source of inefficiencies created by:
A) externalities.
B) an oligopoly.
C) price discrimination.
D) a natural monopoly.
Artificially Scarce Good
A product or service that is made scarce through artificial means such as monopoly control or government regulations, rather than limited by natural resources.
Externalities
Costs or benefits arising from an economic activity that affect third parties who did not choose to incur that cost or benefit.
- Differentiate among assorted kinds of goods, encompassing public goods, artificially scarce goods, and common resources, and apprehend the genesis of market failure pertinent to each category.
Verified Answer
JB
Learning Objectives
- Differentiate among assorted kinds of goods, encompassing public goods, artificially scarce goods, and common resources, and apprehend the genesis of market failure pertinent to each category.
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