Property Used to Secure Repayment of a Loan Is Known

question 42

Multiple Choice

Property used to secure repayment of a loan is known as

• A) lien property.
• B) secured property.
• C) collateral.
• D) judgment property.

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Definitions:

Private Good

A product that is excludable and rival in consumption, meaning its use is limited to the purchaser and it cannot be shared without diminishing availability to others.

Rivalry

Competition or contention between two or more parties for a goal that only one can attain.

Excludability

A characteristic of a good according to which it is possible to prevent people who have not paid for the good from consuming it.

Optimal Quantity

The quantity that maximizes a firm or individual's net benefit, often determined through cost-benefit analysis.