What Are the Two Characteristics That Differentiate Private Goods from Public

question 130

Multiple Choice

What are the two characteristics that differentiate private goods from public goods?

• A)rivalry and excludability
• B)negative externality and positive externality
• C)marginal cost and marginal benefit
• D)ownership and usage

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Definitions:

Contract

A legally binding agreement between two or more parties that is enforceable by law.

Risk of Loss

Risk of loss refers to the legal and financial responsibility for the damage, destruction, or loss of property, often determined by the terms of a contract.

Merchant

An individual or company engaged in the wholesale or retail sale of goods, services, or commodities for profit.

Carrier

In telecommunications, an entity that provides services for transmitting data and communications; in transportation, a company responsible for transporting goods or passengers.