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.

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

Economics Dec 17, 2020

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 ?

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.
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.

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