While Most Real Property in the United States Is Privately

question 20

Multiple Choice

While most real property in the United States is privately owned, government regulations limit private property use and therefore play an important role in the determination of property value. Proponents of government intervention argue that regulation is needed to address the unintended and unaccounted for consequences of one land user upon others, more commonly referred to as:

• A) incomplete information
• B) locational monopoly
• C) externalities
• D) urban sprawl

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Definitions:

Marginal Utility

The extra pleasure or advantage obtained when consuming an additional unit of a product or service.

Utility Schedule

A table showing the different levels of satisfaction (utility) a consumer gets from consuming varying quantities of a good or service.

Utility Schedule

A representation that shows various quantities of a commodity or service and the utility or satisfaction derived from each.

Marginal Utility

The augmented satisfaction or value derived from the consumption of one extra unit of a product or service.