Asked by ANGELITA BROOKS on Apr 25, 2024
________ 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.
Learning Objectives
- Gain insight into the notions of public goods, private goods, and their attributes.