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Each spring,Firm A brings out the new model of its product and announces the price.Rival firms B,C and D soon follow with their new models and announce prices similar to A's.What is this an example of?
Common Resources
Natural or man-made resources that are not excludable but are rival in consumption, such as fish in the sea or public parks.
Excludable
A characteristic of a good or service that means it can be prevented from being used by people who have not paid for it.
Private Goods
Goods that are excludable and rivalrous, meaning one person's consumption prevents another's and consuming the good diminishes its availability for others.
Common Resources
Resources that are accessible to all members of a community but are susceptible to overuse and depletion, such as air, water, and fish in the ocean.
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