Visiting the Public Beach During Summer Is an Example of an Activity

question 63

Multiple Choice

Visiting the public beach during summer is an example of an activity that is

• A) excludable.
• B) excludable and rival.
• C) nonexcludable and rival.
• D) nonrival.
• E) excludable and nonrival.

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Definitions:

Lowering Price

A strategic move where a seller reduces the price of goods or services to attract more customers or beat competitors.

Monopolist

A market participant that is the sole seller of a good or service, thereby controlling the market.

Nondiscriminating Monopolist

A monopolist who charges the same price to all consumers regardless of their individual demand or willingness to pay.

Marginal Revenue

The supplementary income earned from the sale of one extra unit of a good or service.