A Good That Is Both Nonexcludable and Nonrival-In-Consumption Is Called

question 31

Multiple Choice

A good that is both nonexcludable and nonrival-in-consumption is called a

• A) common good.
• B) external good.
• C) public good.
• D) private good.

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Definitions:

College Degree

A formal recognition of the completion of a specific program of studies at a college or university.

Unemployment Rate

The proportion of the workforce that is unemployed and actively seeking work.

Opportunity Cost

The cost of missing out on the second best choice while making a decision.

Coconuts

Tropical fruits with a hard outer shell, edible white flesh, and clear liquid inside, often used in cooking and as a beverage.