A Good Is Considered to Be a Public Good If

question 182

Multiple Choice

A good is considered to be a public good if it

• A) is a good produced by the government sector.
• B) is both nonrival-in-consumption and nonexcludable.
• C) benefits only a small group of consumers but is very costly to produce.
• D) is a good whose production is financed by tax revenue.

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Definitions:

Specific Performance

A legal remedy in contract law that requires a party to perform their obligations under a contract, rather than only compensating the other party with money.

Agreement

A mutual understanding or arrangement between two or more parties, often formalized by a contract, regarding their rights and responsibilities.

Tender

An offer by a contracting party to perform, along with being ready, willing, and able to perform, a duty outlined in the contract.

Conditional Contracts

Legal agreements that require certain conditions to be met before they are fully enforceable.