Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 11, Problem 1QR
To determine
Excludable goods and rival in consumption.
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Explain what is meant by a good being "excludable." Explain what is meant by a good being "rival in consumption." Is a slice of pizza excludable? Is it rival in consumption?
Give an example of each of the following:a. A good that is rivalrous in consumption and is excludable.b. A good that is nonrivalrous in consumption and is excludable.c. A good that is rivalrous in consumption and is nonexcludable.d. A good that is nonrivalrous in consumption and is nonexcludable.
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Principles of Microeconomics
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