Private goods are ?
Correct answer: B. rival in consumption and their benefits are excludable
- A. non-rival in consumption and their benefits are nonexcludable:
- B. rival in consumption and their benefits are excludable
- C. rival in consumption and their benefits are non-excludable
- D. non-rival in consumption and their benefits excludable
Explanation
Private goods are both rival and excludable: one person's consumption reduces what remains for others, and owners can prevent non-payers from using them. Food and clothing are standard examples.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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