A Common Resource Is

question 166

Multiple Choice

A common resource is

• A) a service rather than a good.
• B) nonrival and nonexcludable.
• C) rival and excludable.
• D) rival and nonexcludable.
• E) nonrival and excludable.

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Definitions:

Utility Function

This term represents a model or formula that economists and theorists use to calculate the amount of satisfaction or happiness a consumer derives from consuming a particular bundle of goods.

Nuts

Typically refers to a hard-shelled fruit of some plants that have an indehiscent seed, or in a broader sense, a significant source of nutrition and energy in the human diet.

Berries

Tiny, succulent fruits that are usually eatable, often having a juicy texture, spherical shape, vivid colors, and a flavor that ranges from sweet to sour.

Perfect Substitute

Goods that can be used in place of one another with no loss of utility to the consumer.