A View of a Spectacular Sunset Along a Private Beach

question 231

Multiple Choice

A view of a spectacular sunset along a private beach is an example of a

• A)private good.
• B)public good.
• C)nonrival but excludable good.
• D)rival but nonexcludable good.

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Definitions:

Favored Customers

Clients who receive special benefits from sellers due to their status, volume of purchase, or long-standing relationship.

Excess Demand

Occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price, leading to shortages.

Nonprice Rationing

Distribution or allocation of goods and services based on criteria other than price, often used when there is a shortage.

Excess Demand

A situation in which the quantity demanded of a good or service exceeds the quantity supplied at a given price.