A Private Good Is a Good or Service for Which

question 160

Multiple Choice

A private good is a good or service for which exclusion:

• A) is possible and for which marginal cost of an additional user is zero.
• B) is possible and for which marginal cost of an additional user is positive.
• C) cannot be applied and for which marginal cost of an additional user is zero.
• D) cannot be applied and for which marginal cost of an additional user is positive.

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Definitions:

Material Facts

Facts that are significant or essential to the issue at hand, and that can influence a decision or outcome.

Void

Refers to an agreement or contract that is deemed legally invalid and unenforceable from the outset, as if it never existed.

Reformation

A court-ordered correction or modification of a written contract to reflect the true intentions of the parties when the contract was mistakenly drafted.

Coverage Assumptions

Speculations or estimations regarding the extent and conditions of insurance policy coverage.