A Good or Service That Is Characterized by Nonrivalry in Consumption

question 1

Multiple Choice

A good or service that is characterized by nonrivalry in consumption and nonexcludability is called a(n)

• A)free good.
• B)economic good.
• C)public good.
• D)private good.
• E)noneconomic good.

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Definitions:

Anxiety

The state of feeling excessive and persistent worry and fear over everyday situations, often leading to physical symptoms such as increased heart rate.

Arousal

A physiological and psychological state of being awake or reactive to stimuli, often associated with physical excitation or emotional responses.

Extrinsic Locus

The belief that control over one's life events and outcomes resides primarily in external factors or forces beyond one's personal control.

Julian Rotter

A psychologist known for his work in social learning theory and the introduction of the concept of locus of control.