Every Year as the Clock Nears Midnight on December 31st

question 62

Multiple Choice

Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight. The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a

• A) common resource.
• B) public good.
• C) private good.
• D) natural monopoly.

---

Definitions:

Extract

A substance obtained from a plant, animal, or mineral, often used for flavoring or in medicine.

Sell

The act of giving something in exchange for money.

Extraction Costs

The expenses associated with the removal of natural resources from the earth, such as mining for minerals or drilling for oil.

Nonrenewable Resource

A natural resource that cannot be replaced once it has been used or is not replenished in a short period of time, such as fossil fuels and minerals.