A Good That Is Nonrival but Exclusive Is Called

question 106

Multiple Choice

A good that is nonrival but exclusive is called

• A)a private good
• B)a public good
• C)a quasi-private good
• D)an external good
• E)a normal good

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Definitions:

Physical Inventory

A process where a business physically counts its entire inventory to ensure the accuracy of its records and control its stock levels.

End of the Period

Refers to the conclusion of a reporting timeframe in accounting, such as the end of a fiscal quarter or year, when various calculations and adjustments are made.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.

Period's Expenses

Costs incurred by a business during a specific period of time, such as a month or year, in the course of its operations.