An Artificially Scarce Good Is

question 62

Multiple Choice

An artificially scarce good is:

• A)rival in consumption and excludable.
• B)excludable, but not rival in consumption.
• C)rival in consumption, but not excludable.
• D)neither rival in consumption nor excludable.

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Definitions:

Injunction

A court order compelling a party to do or to refrain from doing a specified act.

Liquidated Damages

A pre-determined amount of money agreed upon in a contract, paid as compensation for failure to perform certain obligations by the stipulated deadline.

Earthquake

A sudden and violent shaking of the ground, sometimes causing great destruction, as a result of movements within the earth's crust or volcanic action.

Prohibitively Expensive

Costs that are so high they discourage or prevent an individual or entity from purchasing a service or product or undertaking an action.