For Which of the Following Goods Would You Most Likely

question 54

Multiple Choice

For which of the following goods would you most likely observe the characteristic of excludability?

• A) A concert in the city park
• B) A professional baseball game
• C) Exterior Christmas lights
• D) An interstate highway

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Definitions:

Price Takers

Firms or individuals who accept the market price as is because they do not have enough market power to influence the price of the goods or services they sell.

Downward-Sloping Demand

A concept in economics that indicates demand for a good or service decreases as its price increases, assuming all other factors remain constant.

Output

The amount of goods or services produced by a company, industry, or economic system.