Which Example Is BEST Characterized as an Artificially Scarce Good

question 52

Multiple Choice

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

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Definitions:

Bilateral Contract

A legal agreement where each party promises to perform an act in exchange for the other party's act.

Express Contract

A contract in which both parties accept mutual obligations through either oral discussion or written communication.

Web Page

A document on the World Wide Web that can contain text, images, links, and multimedia content, accessible through a web browser.

Mutual Assent

Mutual assent is a principle in contract law that states an agreement must involve a clear offer and acceptance between parties to be legally binding.