A Private Good Is

question 22

Multiple Choice

A private good is

• A)a good that is rivalrous and nonexcludable.
• B)a good that is nonrivalrous and nonexcludable.
• C)a good that is rivalrous and excludable.
• D)a good that is nonrivalrous and excludable.

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Definitions:

Pay-for-Knowledge

A compensation strategy where employees are paid based on the skills, knowledge, and abilities they bring to their job, encouraging skill development and continuous learning.

Cafeteria Compensation

A flexible employee benefits plan allowing employees to choose from a variety of pre-tax benefits, akin to selecting from a cafeteria menu.

Piece Rate

A wage calculation method where an employee is paid a fixed rate for each unit produced or action performed.

Compensation

Refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.