If a Good Is Subject to the Free-Rider Problem and an Inefficiently

question 95

Multiple Choice

If a good is subject to the free-rider problem and an inefficiently high level of consumption,the good must be a(n) :

• A)private good.
• B)public good.
• C)common resource.
• D)artificially scarce good.

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Definitions:

Firm Offer

In contract law, an offer that explicitly states it will remain open for a specified period of time, during which it cannot be revoked by the offeror.

Irrevocable

Something that cannot be changed, revoked, or undone once established or agreed upon.

Writing

The act, process, or practice of recording thoughts, ideas, or information on a surface for communication or documentation.

International Sales

Transactions involving the sale of goods between parties located in different countries, governed by international sales law.