Rides in a Public Park Are ________ in Consumption

question 78

Multiple Choice

Rides in a public park are ________ in consumption.

• A) non-excludable and non-rival
• B) excludable but non-rival
• C) excludable and rival
• D) non-excludable but rival

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight differences to influence consumer choice.

Short-Run Profits

Short-run profits refer to the excess revenues over costs that a firm can generate in a period where at least one factor of production is fixed.

Long-Run Profits

Earnings that a firm expects to generate over an extended period, taking into account all variable and fixed costs.

Excess Capacity

The situation where a firm produces less than its total output capacity, often due to lack of demand.