A Good or Resource That Is Both Nonrival and Nonexcludable

question 49

Multiple Choice

A good or resource that is both nonrival and nonexcludable is

• A) a private good.
• B) a natural monopoly good.
• C) a good that is impossible to produce.
• D) a common resource.
• E) a public good.

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Definitions:

Perfectly Competitive Industry

A theoretical market structure where there are many buyers and sellers, homogeneous products, no barriers to entry and exit, and perfect information, leading to an efficient allocation of resources.

Market Price

The existing rate at which a service or asset is available for purchase or sale on the open market.

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit from the market, homogeneous products, and perfect information where no single participant can influence the price.

Price Control

Government-imposed limits on the prices that can be charged for goods and services in the market, usually aimed at curbing inflation or protecting consumers.