A Good for Which It Is Impossible or at Least

question 155

Multiple Choice

A good for which it is impossible or at least very costly to exclude nonpaying customers from receiving the good and for which many individuals can share in the consumption of the same unit of the good is called a

• A) public good.
• B) joint good.
• C) excludable good.
• D) national good.

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Definitions:

Nonbinding Arbitration

A type of arbitration in which the arbitrator's decision is not legally enforceable, allowing the parties to seek a trial if dissatisfied with the outcome.

Binding Arbitration

An arbitration agreement where the decision made by the arbitration panel is final and legally binding on all parties.

Court

A governmental institution authorized to resolve legal disputes between parties and administer justice in legal cases.

Submission Agreement

A contract in which the parties agree to submit to arbitration to resolve disputes instead of going to court.