Which of the Following Is the Best Example of a Market

question 76

Multiple Choice

Which of the following is the best example of a market failure to conserve a resource resulting from poorly defined property rights?

• A) preserving elephants in Africa
• B) drilling for oil in Saudi Arabia
• C) mining of oil shale in Canada
• D) hunting of deer in the United States

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Definitions:

Purchase

The act of buying goods or services, which involves an exchange of money or its equivalent.

Stimulus Discrimination

The ability to distinguish between different stimuli, often used in the context of learning and behavior modification.

Cognitive Dissonance

The mental discomfort experienced by a person who holds two or more contradictory beliefs, values, or ideas at the same time.

Stimulus Generalization

A psychological phenomenon where a response to a specific stimulus also occurs in response to similar stimuli, often used in marketing to create brand families or product lines.