When Susie Uses a Common Resource and Diminishes Other People's

question 91

Multiple Choice

When Susie uses a common resource and diminishes other people's enjoyment of it,she creates

• A)a market force.
• B)an externality.
• C)an invisible hand.
• D)excludability.

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Definitions:

Input

Resources or factors used in the production process of goods and services, such as labor, capital, and materials.

Production Function

A mathematical model that describes the output generated from combinations of inputs, such as labor and capital.

Expensive

Having a high price or cost, often relative to the value or affordability for the buyer.

Input

Refers to any resource or factor that is used in the generation of goods or services in a production process. (Duplicate rephrase)