A Good Is Most Likely to Be Inefficiently Priced If

question 101

Multiple Choice

A good is most likely to be inefficiently priced if

• A)some of the resources used in its production are scarce.
• B)the good is private property.
• C)some of the resources used in its production are free.
• D)a corporation produces the good.

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Definitions:

Escalation Of Commitment

This refers to the phenomenon where individuals or organizations continue to invest time, money, or resources into a failing course of action due to the substantial resources already invested, rather than altering or abandoning the course.

Problem No Longer Exists

A situation where previously identified issues have been resolved or are no longer relevant.

Resolved

The state in which a problem, conflict, or difficulty has been solved or dealt with effectively.

Dissolved

Dissolved, in a general context, means to have been disintegrated or dispersed into a liquid to form a solution, or to cease to exist as a distinct entity.