Answered: Which goods are sold in the markets?…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which goods are sold in the markets?

private goods

public goods

private goods and club goods

private good, club goods, and common- resource goods

all types of goods

Expert Solution

Step 1

In economics, there are many types of goods. The most common way to distinguish the goods is their characteristics of rivalrousness and excludability. This means that the goods can be classified relying on whether the consumers can be prevented from consuming the goods and whether consumers can consume the goods without affecting the availability of that particular good to others. So, based on these two criteria, there are 4 types of goods. These are public goods, private goods, club goods, and commo-resource goods.

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