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Example of an Excludable Public Good: Information in a Copyrighted Book
The Nature of Artificial Scarcity
A new best-selling novel is released. Explain why the information (the story itself) within the novel is considered 'artificially scarce' and not naturally scarce. In your answer, distinguish between the mechanism that limits access to the information and the inherent properties of the information itself.
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Social Science
Empirical Science
Science
CORE Econ
Economy
Economics
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
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Economic Analysis of a Digital Product
A newly published novel is protected by strict copyright laws, meaning it cannot be legally copied or distributed without the publisher's permission. From an economic standpoint, which statement best describes the information (the story, characters, and ideas) contained within this novel?
A public library purchases a single copy of a popular, copyrighted novel and makes it available for patrons to borrow. In this specific scenario, the physical book itself is a rival good, while the information (the story) contained within it remains a non-rival good.
Characteristics of Copyrighted Information
Evaluating Copyright Extension Policy
Consider the case of a copyrighted novel sold in a bookstore. Analyze its different aspects by matching each component with its correct economic description.
A country decides to eliminate all copyright protection for new books. An author has just written a novel. In this legal environment, which statement best analyzes the economic classification of the information (the plot, characters, and ideas) in the novel and the likely market consequence?
A classic novel, originally published under copyright protection, has now entered the public domain. This means the legal restrictions on copying and distributing the text no longer apply. How does this change in legal status affect the economic classification of the information (the story, characters, and ideas) within the novel?
The Nature of Artificial Scarcity
The Critic's Argument