Nonrivalry and Nonexcludability Are the Main Characteristics of

question 241

Multiple Choice

Nonrivalry and nonexcludability are the main characteristics of

• A) consumption goods.
• B) capital goods.
• C) private goods.
• D) public goods.

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Definitions:

Joint And Several

A legal term referring to the liability shared by two or more parties, where each party is individually responsible for the entire obligation, as well as collectively with the others.

Corporate Veil

A legal concept that separates the personal liability of shareholders and officers from that of the corporation itself.

Artificial Legal Person

A non-human entity that is given legal rights and responsibilities, such as a corporation or a government body.

Bylaws

The internal rules of management adopted by a corporation at its first organizational meeting.