Which of the Following Is an Example of Personal Property

question 57

Multiple Choice

Which of the following is an example of personal property?

• A) An acre of land
• B) The minerals under an acre of land
• C) The air above an acre of land
• D) An iPhone

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Definitions:

Cartel

An association of independent companies or entities that agree to limit competition between themselves, often to control prices and production in a particular market.

Allocative Efficiency

A state of the economy in which the distribution of resources among different uses is optimal, reflecting consumer preferences and maximizing total societal welfare.

Productive Efficiency

A situation in which a goods or services are produced at the lowest possible cost, utilizing all available resources efficiently.

Monopoly Power

The ability of a single supplier to control the market price and supply of a product or service.