A Government-Sponsored Good Is One That

question 37

Multiple Choice

A government-sponsored good is one that

• A) is desirable to no one but ruled desirable by the court system nonetheless.
• B) everyone agrees is socially desirable.
• C) freely competitive markets have determined is socially desirable.
• D) the political process has determined is socially desirable.

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Definitions:

Adequate Consideration

Sufficient value or compensation exchanged between parties in a contract, making the agreement legally binding.

Detriment

A state of being harmed or damaged, often used in legal contexts to describe loss or injury.

Adequacy of Consideration

Refers to a legal assessment of whether the consideration (value) given in exchange for a promise or for performance in a contract is fair and reasonable.

Unilateral Contract

A contract where only one party makes a promise or undertakes a performance without requiring a reciprocal agreement from the other party.