If One Person's Consumption of a Good Does Not Preclude

question 32

Multiple Choice

If one person's consumption of a good does not preclude another's consumption, the good is said to be

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

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Definitions:

Acceptance by Silence

A legal principle where silence or inaction can be interpreted as acceptance of an offer under certain circumstances, typically when past behavior has established such a pattern.

Option Contract

A contract granting one the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific timeframe.

Implied-in-Fact Contract

An implied-in-fact contract is an agreement that is not expressed in words but is inferred from the actions or conduct of the parties involved.

Original Agreement

The initial contract or understanding reached between parties, before any amendments, modifications, or terminations.