What do excludable and rival mean in the context of describing the four types of goods...

What do excludable and rival mean in the context of describing the four types of goods we discussed in class? Give examples of each type of good and show how they are rival, nonrival, excludable or nonexcludable.

Expert Solution

Public good is a good which are non-rival and non-exclusive in nature. Non-rival means consumption of the public good by one person does not reduce its amount available for the other person. For example National defense, public park, street light etc. Non-exclusion means if public good has been provided then it does not possible to exclude one person from consuming it.

Private good is a good which is rival and excludable in nature. Rival means consumption of good by one person decreases availability of good for the other. For example: Bread, Cloth. Exclusive means that it is possible to exclude one person from consuming it.

Common Good is a good which is rival but non-excludable. For example: Fishes in sea. Sea is a good which is non-excludable property but fishes in the sea represents rivalnous.

Club good are those goods which are excludable but non-rival in consumption. Example; private parks, cinema halls, etc.

Rahul Sunny answered 2 years ago

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