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Homework answers / question archive / Categories of goods Complete the following table by selecting the appropriate definition for each of the given terms
Categories of goods
Complete the following table by selecting the appropriate definition for each of the given terms.
| Term | Definition |
|---|---|
| Excludable | |
| rival |
If a good is both excludable and rival 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. |
| rival | a good is rival if it can only be consumed or used by a single consumer |
If a good is both excludable and rival in consumption, then it is a private good.
