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.

---

Definitions:

Express Authority

The power granted to an agent explicitly by the principal, typically through direct, clear instructions.

Principal's Express Statements

Direct and clear statements made by a principal (the person who has given authority to another, the agent, to act on their behalf) regarding their intentions, instructions, or policies.

Express Ratification

The explicit approval or confirmation of a previously unauthorized act or agreement.

Implied Ratification

Acceptance or approval of an act or agreement by behavior that suggests agreement, without express confirmation.