At the Local Park There Is a Playground for Children

question 268

Multiple Choice

At the local park there is a playground for children to use.While anyone is allowed to use the playground,it is often very busy,reducing the enjoyment of many of the children who use it.The playground is a

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

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Definitions:

Technological Improvements

Enhancements or upgrades in technological tools, systems, and procedures that increase efficiency or effectiveness.

Malthus

Refers to Thomas Malthus, an English economist and demographer known for his theory that population growth will outpace agricultural production, leading to widespread poverty.

Diminishing Marginal Returns

An economic principle stating that as more of a variable input is added to a fixed input, the additional output gained from each new unit of variable input will eventually decrease.

Marginal Product

The increase in output that results from using one more unit of a particular input, keeping other inputs constant.