Complete the following table by selecting the appropriate definition for each of the given terms. Term Definition Excludable Nonrival If a good is both excludable and nonrival in consumption, then it is _?

Term Definition Excludable a good is excludable if it is possible to prevent consumers who have not paid for it from having access to it. Nonrival a good is nonrival if it can be consumed by one consumer without preventing other consumers from consuming it. If a good is excludable and nonrivalous in consumption it is a private enterprise good.

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Complete the following table by selecting the appropriate definition for each of the given terms

Economics Dec 17, 2020

Complete the following table by selecting the appropriate definition for each of the given terms.

Term	Definition
Excludable
Nonrival

If a good is both excludable and nonrival in consumption, then it is _?

Expert Solution

Term	Definition
Excludable	a good is excludable if it is possible to prevent consumers who have not paid for it from having access to it.
Nonrival	a good is nonrival if it can be consumed by one consumer without preventing other consumers from consuming it.

If a good is excludable and nonrivalous in consumption it is a private enterprise good.

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