Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight. The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a
A) common resource.
B) public good.
C) private good.
D) natural monopoly.

Question

Quizplus · Accepted Answer

The Times Square New Year's Eve event is a common resource because it is non-excludable (open to everyone) but rivalrous (space is limited and can become crowded).

Every Year as the Clock Nears Midnight on December 31st