Past Consideration

question 15

Multiple Choice

Past consideration

• A) is synonymous with moral consideration.
• B) is a promise made for an act about to take place.
• C) usually induces the offeree to act.
• D) is a promise made for an act that has already taken place.

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Definitions:

Excludable

A good or service is considered excludable if it's possible to prevent non-paying consumers from accessing it.

Rival

In economic terms, a good or service that cannot be enjoyed or consumed by more than one person at the same time.

Artificially Scarce Good

A product or service whose supply is deliberately limited, often to maintain high prices or for other non-market reasons.

Excludable

Excludable describes a good or service that one can prevent others from using unless they pay for it, characterized by the ability to exclude non-payers.