If the Quantity Desired of Something Exceeds the Amount Available

question 206

Multiple Choice

If the quantity desired of something exceeds the amount available at zero price, that item is called

• A) a service.
• B) an economic good.
• C) an intangible good.
• D) a bad.

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Definitions:

Real Property

Land and anything permanently attached to it, such as buildings and other structures.

Personal Property

Movable property that is not classified as real estate, including tangible items like cars and furniture, and intangible items such as stocks and bonds.

Conversion

The unauthorized act of taking possession and altering the property of another, thereby depriving them of its use or possession.

Punitive Damages

Damages exceeding simple compensation and awarded to punish the defendant for egregious wrongdoing, serving as a deterrent to such behavior in the future.