An Artificially Scarce Good Is Similar to a Public Good

question 206

Multiple Choice

An artificially scarce good is similar to a public good in that it is _____,but it is also similar to a private good in that it is _____.

• A)nonrival in consumption;nonexcludable
• B)nonrival in consumption;excludable
• C)excludable;nonrival in consumption
• D)nonexcludable;rival in consumption

Recognize the significance of well-defined property rights in addressing externalities.

Understand how external benefits and costs influence the efficient allocation of resources.

Learn about market mechanisms for managing pollution and external costs.

Understand the difference between public goods and private goods.

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Definitions:

Frame Alignment Theory

A sociological theory that explains the process by which individuals with similar values and beliefs align their activities and movements, often in the context of social movements.

Strain Theory

A sociological theory that posits individuals may resort to criminality due to pressures or strains from societal expectations and the inability to achieve them through legitimate means.

Gustave Le Bon

A French social psychologist renowned for his work on crowd psychology, highlighting how an individual's behavior in a crowd differs from their behavior alone.

Émile Durkheim

A pioneering French sociologist known for his foundational contributions to sociology, including his studies on social cohesion and the role of religion in society.