A Good Is Most Likely to Be Artificially Scarce If

question 71

Multiple Choice

A good is most likely to be artificially scarce if:

• A) it is nonexcludable and nonrival.
• B) the seller is a monopolist.
• C) it is nonexcludable but rival.
• D) it is excludable but nonrival.

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Definitions:

Raw Score

An untreated score before manipulation or processing to make it a standard score, as must be done for all norm-referenced tests. Raw scores alone tell us little, if anything, about how a person has done on a test. We must take an individual’s raw score and do something to it to give it meaning.

Publisher Score

The score provided or established by the entity responsible for creating and distributing a test, indicating a test taker's performance relative to predefined criteria or norms.

Ordinal Scale

A scale of measurement in which the magnitude or rank order is implied; however, the distance between measurements is unknown.

Rank Order

A rating scale providing a series of statements that the respondent is asked to place from highest to lowest based on his or her preferences.