A private good is
A) a good that is rival and excludable. B) a good that is rival and nonexcludable.
C) a good that is nonrival and excludable. D) a good that is nonrival and nonexcludable.
A
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What factor might lead to the opening of several new pizzerias in a town?
(A) The supply of pizza is inelastic. (B) The price of a slice of pizza has gone up. (C) The price of a slice of pizza has gone down. (D) The cost of producing pizza has doubled.
A city wants to raise revenues to build a new municipal swimming pool next year. The mayor suggests that the city raise the price of admission to the current municipal pools this year to raise revenues. The city manager suggests that the city lower the price of admission to raise revenues. Who is correct?
a. the mayor b. the city manager c. The answer depends on the price elasticity of demand. d. The answer depends on the costs of construction of the new municipal swimming pool.