An Individual Is MOST Likely to Be a Free Rider

question 30

Multiple Choice

An individual is MOST likely to be a free rider when a good is:

• A)private.
• B)nonexcludable.
• C)nonrival.
• D)artificially scarce.

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Definitions:

Valid and Enforceable

Pertaining to a contract or agreement that is legally binding and can be upheld in a court of law.

Statute of Frauds

A legal requirement that certain types of contracts be memorialized in a signed writing with sufficient content to evidence the contract.

Contract of Guarantee

A contract where a third party agrees to be responsible for the debt or obligations of a borrower in case the borrower fails to fulfill their contractual obligations.

Unsigned Note

A note or document that lacks the signature of the party or parties involved, potentially affecting its legal enforceability.