Asked by Chelsea Lewis on May 09, 2024
Verified
Refer to Scenario 11-3. Which of these goods is the best example of a private good? Briefly explain.
Private Good
A product or service that is consumed by one individual without providing benefit to others and is subject to exclusion and rivalry.
Fish Fillet
A piece of fish that has been cut or sliced away from the bone, often prepared as a food item.
- Assess actual case examples to determine the classification of goods into private goods, public goods, common resources, and club goods by examining their characteristics.
Verified Answer
MV
Marta VianaMay 16, 2024
Final Answer :
The fish fillet served by the restaurant is the best example of a private good, because the fillet is excludable and rival in consumption.
Learning Objectives
- Assess actual case examples to determine the classification of goods into private goods, public goods, common resources, and club goods by examining their characteristics.