Asked by
preston conti
on Oct 26, 2024
Verified
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.
Private Market
A sector of the economy where transactions occur between private entities without significant government intervention, dealing in goods, services, and financial assets.
Rival in Consumption
A property of a good whereby one person's use of the good reduces the ability of another person to use the same good.
- Comprehend the way in which the private market's reaction to goods that are nonexcludable and nonrival results in market inefficiency.
- Distinguish between the economic outcomes of goods that are nonrival or rival in consumption and those that are excludable or nonexcludable.
Verified Answer
MO
Learning Objectives
- Comprehend the way in which the private market's reaction to goods that are nonexcludable and nonrival results in market inefficiency.
- Distinguish between the economic outcomes of goods that are nonrival or rival in consumption and those that are excludable or nonexcludable.
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