A Common Resource Is

question 98

Multiple Choice

A common resource is

• A) rival and excludable.
• B) rival and nonexcludable.
• C) nonrival and excludable.
• D) nonrival and nonexcludable.
• E) None of the above answers is correct.

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Definitions:

Opportunity Cost

The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.

Best Alternative

The Best Alternative usually refers to the most favorable option or choice that is available to an individual or organization from a set of possibilities.

Benefits

Forms of compensation provided to employees or the public, including health insurance, pension, and unemployment assistance.

Opportunity Cost

The cost of what is forgone in order to pursue a certain action; the value of the best alternative option that is not selected.