Asked by ANGELITA BROOKS on Apr 25, 2024
Verified
________ goods are rival in consumption and their benefits are excludable.
A) Private
B) Public
C) All
D) Social
Private Goods
Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.
Rival Consumption
A situation in which one person's consumption of a good or service diminishes others' ability to consume the same good or service.
Excludable
A characteristic of a good or service that allows its owner to prevent others from using it without permission.
- Gain insight into the notions of public goods, private goods, and their attributes.
Verified Answer
PP
Philip Porter5 days ago
Final Answer :
A
Explanation :
Private goods are rival in consumption, meaning that one person's consumption of the good reduces the amount available for others, and their benefits are excludable, meaning that it is possible to prevent people who have not paid for the good from consuming it.
Learning Objectives
- Gain insight into the notions of public goods, private goods, and their attributes.