Categories of goods Complete the following table by selecting the appropriate definition for each of...
Categories of goods
Complete the following table by selecting the appropriate definition for each of the given terms.
If a good is both nonexcludable and nonrival in consumption, then it is _______
Homework Answers
Non excludable good are those good that cannot exclude a certain person or group of person from using such goods.
Non rival are those good which are consumed by a person but whose supply is not affected by other person consumption like a road means one person use the road but also when other person use that road the area or supply cannot be reduced or affected.
If a good is both nonrival and non excludable in consumption it is called PUBLIC GOOD.
Excludable- Those who are unwilling or unable to pay the good do not obtain its benefit.
Nonrival- consumption by one individual does not decrease the amount that can be consumed by another individual.
If a good is both excludable and nonrival in consumption, then it is a club good
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Categories of goods Complete the following table by selecting the appropriate definition for each of...
Complete the following table by selecting the term that matches each definition. Definition Quantity Demanded Demand...
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1)
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