If It Is Difficult, or Costly, to Prevent People Who

question 35

Multiple Choice

If it is difficult, or costly, to prevent people who do not pay for a good from consuming the good, then the good is a ________ good.

• A)nonexcludable
• B)pure public
• C)private
• D)nonrival

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Definitions:

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for significant differentiation and competition on factors other than price.

Pricing Power

The ability of a company or entity to control or influence the price of its products or services in the market.

Product Differentiation

The process businesses use to make a product more attractive by distinguishing it from similar products through unique features, branding, and quality.