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Homework answers / question archive / Complete the following table by selecting the appropriate definition for each of the given terms
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.
