There Is a Skating Rink in Your City That Is

question 62

Multiple Choice

There is a skating rink in your city that is open to anybody to use at any time. They even provide skates for people who don't own any. This is an example of a good that is

• A) rivalrous and nonexcludable
• B) nonrivalrous and excludable
• C) rivalrous and excludable
• D) nonrivalrous and nonexcludable

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Definitions:

Housing Prices

The cost at which residential properties are bought and sold in the market.

Competitive Industry

An industry characterized by many firms, differentiated products, and free entry and exit, leading to intense competition.

Elastic Demand

A situation where the demand for a product or service significantly changes in response to price changes.

Close Substitutes

Products or services that can serve the same purpose or function, making them easily replaceable with one another in consumption or use.