Traffic lights would be considered:
A. an artificially scarce good.
B. a private good.
C. a public good.
D. a common resource.
Answer: C
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What is an economic market?
What will be an ideal response?
One reason for international specialization in production is
a. differing national tastes b. diseconomies of scale in production c. a high world price for a good d. resources are plentiful in all nations e. people have limited wants for domestically produced goods and services
When the government imposes an effective price ceiling on a monopolist, what will be sure to happen in the short run?
A. The dollar price will increase. B. There will be a shortage of the product. C. The dollar price will fall. D. There will be a surplus of the product.
Why do used goods of different qualities often sell for the same price, while used goods of different sizes sell for different prices?
What will be an ideal response?