Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 17, Problem 1P
To determine
The different types of goods, based on several criterions.
Concept Introduction:
Rival Good:
Rival Goods are the goods which cannot be consumed by more than one person at a time.
Non-rival Goods:
Non-rival goods are the goods for which the availability does not reduce through consumption of others
Excludable Goods:
Excludable goods are the goods for which the supplier can exclude the people who does not pay for it.
Non-excludable Goods:
The non excludable goods are the goods for which anybody can use it. The suppliers cannot stop anybody from using it; even they do not pay for it.
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