A Good That Is Both Rival and Exclusive Is Called

question 24

Multiple Choice

A good that is both rival and exclusive is called a(n) _____

• A)private good.
• B)public good.
• C)quasi-private good.
• D)external good.
• E)open-access good.

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Definitions:

Specified Amount

An exact or particular sum of money designated in a contract or agreement that is agreed upon by all parties involved.

Status Indians

Individuals recognized by the Canadian government as being registered under the Indian Act, granting them certain rights and benefits.

Contractual Obligations

Duties that one or more parties are legally bound to perform under the terms of a contract.

Insanity

A legal term describing a person's inability to understand the nature of their actions or distinguish right from wrong, often used in criminal defense.