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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

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?

To determine
Excludable goods and rival in consumption.

Explanation

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person...

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