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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

Which categories of goods are rival in consumption?

a. private goods and club goods

b. private goods and common resources

c. public goods and club goods

d. public goods and common resources

To determine
Rival in consumption and common resources.

Explanation

Option (b):

Common resources are commodities that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. When people consume the resource it reduces the availability for other people. The consumption of private goods also reduces the availability of other people. Thus, option 'b' is correct.

Option (a):

Club goods are those goods that are non-rivalry and excludable in nature...

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