Private goods are ________
A) excludable but non-rival in consumption
B) non-excludable and non-rival in consumption
C) non-excludable but rival in consumption
D) excludable and rival in consumption
D
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When the U.S. Treasury sells gold, the immediate effect is that __________ and __________
A) reserves increase; currency in circulation decreases B) reserves decrease; currency in circulation increases C) reserves increase; Treasury deposits decrease D) reserves decrease; Treasury deposits increase
Suppose that no externalities are generated by the production of chickens. If the price of chickens is equal to private marginal cost of producing chickens, then
a. that price is lower than the price associated with an efficient allocation of resources b. that price is higher than the price associated with an efficient allocation of resources c. that price is precisely the price associated with an efficient allocation of resources d. less than an efficient quantity is being produced e. more than an efficient quantity is being produced