Private Goods Are Both

question 9

Multiple Choice

Private goods are both

• A)excludable and nonrival in consumption.
• B)nonexcludable and rival in consumption.
• C)excludable and rival in consumption.
• D)nonexcludable and nonrival consumption.

Understand the procedures and grounds for dismissing a lawsuit, including lack of standing and case ripeness.

Identify the phases of a trial, including motion for directed verdict, summary judgment, and presenting evidence.

Explanation of service of process and its importance in the legal proceedings.

Understand the tools and processes of discovery, including depositions, interrogatories, and requests for production of documents.

---

Definitions:

Economic Profits

The remaining amount after deducting total expenses from the total income, taking into account all direct and indirect costs.

Profit Maximizes

A strategy or objective of businesses to achieve the highest possible profit, where total revenue exceeds total costs by the largest margin.

MR

Short for Marginal Revenue, it represents the additional income earned from selling one more unit of a good or service.

MC

Refers to Marginal Cost, the increase in total cost that arises from producing an additional unit of output.