Asked by
Chante Moolman
on Nov 17, 2024
Verified
Private goods are both
A) excludable and nonrival in consumption.
B) nonexcludable and rival in consumption.
C) excludable and rival in consumption.
D) nonexcludable and nonrival consumption.
Excludable
A characteristic of a good or service that allows owners or producers to prevent others from using it without paying.
Rival In Consumption
A characteristic of a good whereby its use by one person diminishes its availability for use by another person, contrasting with non-rival goods.
- Clarify and distinguish between private goods, public goods, common resources, and club goods as four unique types of goods.
- Describe the parameters for classifying goods as rivalrous and excludable, along with how these traits affect their grouping.
Verified Answer
NK
Learning Objectives
- Clarify and distinguish between private goods, public goods, common resources, and club goods as four unique types of goods.
- Describe the parameters for classifying goods as rivalrous and excludable, along with how these traits affect their grouping.