Asked by
Jhaime Srichandr
on Dec 05, 2024
Verified
Which example is BEST characterized as an artificially scarce good?
A) diamonds because their supply is artificially restricted by monopoly producers
B) music that is downloadable from the Internet for a fee
C) a daily newspaper
D) hot dogs in a sports stadium because the number of suppliers is restricted
Artificially Scarce Good
A good that is made scarce through artificial means such as through intellectual property rights or monopoly pricing, despite its capacity for abundant supply.
- Discern the differences across various classifications of goods, such as public goods, artificially scarce goods, and common resources, and understand the underlying reasons for market failure associated with each.
Verified Answer
MN
Learning Objectives
- Discern the differences across various classifications of goods, such as public goods, artificially scarce goods, and common resources, and understand the underlying reasons for market failure associated with each.
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