1. Categories of goods
Complete the following table by selecting the appropriate definition for each of the given terms.
If a good is both excludable and nonrival in consumption, then it is __________.
Options for 1st blank:
A) Consumption of the good by one person decreases the ability of other people to consume the good.
B) Consumption of the good by one person does not decrease the ability of other people to consume the good.
C) It is not possible to prevent an individual from using the good.
D) The satisfaction derived from consuming the good is affected by the price a consumer pays for the good.
E) Those who are unwilling or unable to pay for the good do not obtain its benefits.
Options for 2nd blank:
A) Consumption of the good by one person decreases the ability of other people to consume the good.
B) Consumption of the good by one person does not decrease the ability of other people to consume the good.
C) It is not possible to prevent an individual from using the good.
D) The satisfaction derived from consuming the good is affected by the price a consumer pays for the good.
E) Those who are unwilling or unable to pay for the good do not obtain its benefits.
Options for 3rd blank:
A) a common resource
B) a club good
C) a private good
D) a public good
1. Categories of goods
Complete the following table by selecting the appropriate definition for each of the given terms.
If a good is both excludable and nonrival in consumption, then it is __________.
Options for 1st blank:
A) Consumption of the good by one person decreases the ability of other people to consume the good.
B) Consumption of the good by one person does not decrease the ability of other people to consume the good.
C) It is not possible to prevent an individual from using the good.
D) The satisfaction derived from consuming the good is affected by the price a consumer pays for the good.
E) Those who are unwilling or unable to pay for the good do not obtain its benefits.
Options for 2nd blank:
A) Consumption of the good by one person decreases the ability of other people to consume the good.
B) Consumption of the good by one person does not decrease the ability of other people to consume the good.
C) It is not possible to prevent an individual from using the good.
D) The satisfaction derived from consuming the good is affected by the price a consumer pays for the good.
E) Those who are unwilling or unable to pay for the good do not obtain its benefits.
Options for 3rd blank:
A) a common resource
B) a club good
C) a private good
D) a public good
