What Is the Most Likely Punishment for a Traffic Violation

question 5

Multiple Choice

What is the most likely punishment for a traffic violation?

• A) incarceration
• B) restitution
• C) fines
• D) forfeiture
• E) probation

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Definitions:

Artificially Scarce Good

A product or service whose supply is deliberately limited, often to maintain high prices or for other non-market reasons.

Excludable

Excludable describes a good or service that one can prevent others from using unless they pay for it, characterized by the ability to exclude non-payers.

Nonrival

A characteristic of a good whereby one person's consumption does not reduce availability to others, often associated with public goods.

Nonrival

A characteristic of a good whereby one individual's consumption of the good does not reduce its availability for consumption by others.