Private Goods Are Both

question 152

Multiple Choice

Private goods are both:

• A) rival and nonexcludable.
• B) nonrival and excludable.
• C) nonrival and nonexcludable.
• D) rival and excludable.

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Definitions:

Civilly Liable

A term referring to the responsibility of a person to compensate for losses or damages caused by their actions in a civil lawsuit.

Potential Liability

Potential liability refers to the possibility that a person or entity may be held legally responsible for actions or consequences in the future.

Third Party

An entity or individual not directly involved in a legal contract or agreement, but that may be affected by it or participate in certain transactions.

Accountant's Work

Professional activities undertaken by an accountant, including auditing, financial reporting, and tax planning.