A Private Good Is

question 107

Multiple Choice

A private good is

• A)a good that is rival and nonexcludable.
• B)a good that is nonrival and nonexcludable.
• C)a good that is rival and excludable.
• D)a good that is nonrival and excludable.

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Definitions:

Mortgagor

The borrower in a mortgage agreement who pledges property to the lender as security for the loan.

Mortgagee

The lender or financial institution that provides a loan for the purpose of purchasing a property, holding a lien on the property until the mortgage is repaid.

Foreclosure

The legal process by which a lender takes control of a property, evicts the homeowner, and sells the home after the homeowner fails to make full principal and interest payments on a loan.

Fixed-Rate Mortgages

A type of mortgage in which the interest rate remains constant throughout the term of the loan.