Both Public Goods and Common Resources Are

question 20

Multiple Choice

Both public goods and common resources are:

• A) rival in consumption.
• B) nonexcludable.
• C) excludable.
• D) nonrival in consumption.

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Definitions:

Implied Repudiation

A situation where one party’s actions or inactions signal a refusal to fulfill their contractual obligations, suggesting an intention to breach the contract despite no explicit declaration.

Express Repudiation

The clear and unequivocal refusal to honor a contract or agreement, effectively declaring one's intention not to perform their contractual obligations.

Quantum Meruit

A legal principle allowing a party to recover costs for services provided when no contract exists, based on the reasonable value of the work.

Specific Performance

A legal remedy in contracts where the court orders the party who breached the contract to perform the promised action rather than simply paying damages.