Explain fully if the following goods/services are excludable (or not) and rival (or not). Then categorize...

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Explain fully if the following goods/services are excludable (or not) and rival (or not). Then categorize...

Explain fully if the following goods/services are excludable (or not) and rival (or not). Then categorize them accordingly.

1. Shoes

2. Maine lobster

3. Main Street in Washington

business economics

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Answer 1

Answer #1

a) Shoes are excludable and rival, that is because of one person is using a shoe its value for other diminishes and other people can be excluded from using it.

b) Maine lobster: these are rival because if one person is consuming it the consumption for the other will be reduced but its non excludable because its an open source and no one can be stopped fishing in coastal sea.

c) Main street is again non excludable and no one can be excluded form using it and they are rival because it will get crowded as more and more people are using it.

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Answer 2

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Explain fully if the following goods/services are excludable (or not) and rival (or not). Then categorize...

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