What Is Meant by the Term Common Property Resource

question 73

Multiple Choice

What is meant by the term common property resource?

• A)Any ordinary resource such as labour or machinery.
• B)A resource which is not owned by an individual or firm.
• C)A resource with perfectly elastic supply.
• D)A resource with perfectly inelastic supply.

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Definitions:

Voluntary

Done, given, or acting of one's own free will without coercion or obligation.

Attachment

The point at which a creditor becomes the secured party that has a security interest in the collateral.

Secured Party

A lender or creditor who has an interest, typically a lien, in the collateral offered by the debtor in a secured transaction.

Collateral

Assets that a borrower offers to a lender to secure a loan, which the lender may seize in the event of loan default.