Fireworks Would Be Considered

question 7

Multiple Choice

Fireworks would be considered:

• A)a common resource.
• B)a private good.
• C)a public good.
• D)an artificially scarce good.

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Definitions:

Product Differentiation

Product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded at those prices, usually downward sloping.

Marginal Revenue

The change in total revenue that results from the sale of 1 additional unit of a firm’s product; equal to the change in total revenue divided by the change in the quantity of the product sold.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical.