Goods differ on the basis of whether their consumption is rival and excludable. Explain the terms "rivalry" and "excludability" as they are used to define goods
List the four categories of goods, and define these categories in terms of rivalry and excludability.
Rivalry occurs when one person's consuming a unit of a good means no one else can consume it. Excludability means that anyone who does not pay for a good cannot consume it.
1. Private good: rival and excludable
2. Public good: nonrivalrous and nonexcludable
3. Quasi-public good: nonrivalrous and excludable
4. Common resource: rival and nonexcludable
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The entire group of buyers and sellers of a particular good or service makes up:
A. the market. B. the equilibrium price and quantity. C. the demand curve. D. the supply curve.
The largest colony in 1770 in both population and claims on hinterlands was
(a) Massachusetts (b) Pennsylvania (c) Virginia (d) New York
If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus.
A. more equitable B. lower than C. higher than D. equal to
Average variable costs equal
A) total variable costs divided by marginal costs. B) total variable costs divided by output. C) the change in marginal costs from producing another unit of output. D) output divided by the change in total costs.