The Best Example of a Private Good, Exchanged in Competitive

question 133

Multiple Choice

The best example of a private good, exchanged in competitive markets and for which exclusion is possible, is:

• A) an automobile.
• B) public education.
• C) national defense.
• D) law enforcement.

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Definitions:

Federal Law

Laws created and enforced by the federal government of a country, as opposed to state, local, or international laws.

Grace Period

A set length of time after a due date during which a payment can be made without penalty.

Advanced Notice

A notification given in advance to inform of future events or actions.

Insurance Company

An entity that provides financial protection and compensation for losses to individuals and entities under the terms of an insurance contract.