For a Good to Be Efficiently Provided by the Private

question 143

Multiple Choice

For a good to be efficiently provided by the private market,it must be:

• A)rival in consumption and nonexcludable.
• B)nonrival in consumption and excludable.
• C)a common resource.
• D)rival in consumption and excludable.

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Definitions:

Novation

The act of replacing an old contract with a new one, where a different party assumes the obligations or benefits of the original party.

Equitable Remedy

A non-monetary court order to take or refrain from taking specific actions, granted when money damages are insufficient.

Accord and Satisfaction

A legal agreement between parties to settle a dispute by agreeing on an alternative obligation other than what was originally owed.

Novation

The act of replacing an existing obligation with a new one, effectively transferring the rights and duties to a third party.