At the Local Park There Is a Playground for Children

question 45

Multiple Choice

At the local park there is a playground for children to use. While anyone is allowed to use the playground, it is often very busy, reducing the enjoyment of many of the children who use it. The playground is a

• A)private good.
• B)club good.
• C)common resource.
• D)public good.

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Definitions:

Consumer

This defines an individual who purchases goods and services for personal use, driving demand in the market.

Price

The monetary charge expected, imposed, or given in settlement for something.

Price Takers

Market participants who accept the prevailing market price without having the influence to alter it.

Output Level

The total quantity of goods or services produced by a business or economy in a given period.