When thinking about types of goods, what does rivalry mean? What does excludability mean? What are...

When thinking about types of goods, what does rivalry mean? What does excludability mean? What are the four category of goods we can identify using those attributes, and what is an example of a good in each category?

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Expert Solution

Rivalry -A good will be rival in nature if its consumption by one consumer prevents simultaneous consumption by other consumers meaning the consumption of a good by one person will reduce the consumption of that good for other.

Excludability - Agood is said to be excludable if it is possible to prevent consumers who have not paid for it from having access to it.

The four types of goods are

Private goods- these goods are rival and excludable. For example ham burger

Public goods - these goods are non rival and non excludable. For example pollution

Common goods- these goods are rival and non excludable. For example public waterways

Law congestional goods- these goods are excludable and non rival. For example cable television

Rahul Sunny answered 1 year ago

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