Both Public Goods and Common Resources Are

question 20

Multiple Choice

Both public goods and common resources are:

• A) rival in consumption.
• B) nonexcludable.
• C) excludable.
• D) nonrival in consumption.

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Definitions:

Scientific Method

A systematic and logical approach to discovering how things in the universe work, involving observation, hypothesis formulation, experimentation, and conclusion drawing.

Circular-flow Diagram

A model that illustrates how goods, services, and money move through an economy, depicting the interactions between households and businesses.

Participants

Individuals or entities that take part in a process or activity.

Factors Of Production

The resources used in the production of goods and services, which include land, labor, capital, and entrepreneurship.