An artificially scarce good is:
A) rival in consumption and excludable.
B) not rival in consumption, but excludable.
C) rival in consumption, but not excludable.
D) not rival in consumption and not excludable.

Question

Quizplus · Accepted Answer

An artificially scarce good is a good that is not naturally scarce, but its availability is limited by some external force, such as a government or a corporation. These goods are not rival in consumption, meaning that one person's use of the good does not diminish the ability of another person to use it, but they are excludable, meaning that access to the good can be limited by someone with power or authority. Examples of artificially scarce goods include patented drugs, limited-edition collectibles, and exclusive concert tickets.

An Artificially Scarce Good Is