Question

Which of the following is a list of private goods only?

Answer 1

Answer:

C) a watermelon, a chair, and a pencil is a list of private goods only.

Explanation:

In Economics, private goods are goods that need to be purchased for consumption, and if an individual is consuming it, then the other individuals cannot consume it. These goods are also considered as excludable which means that if a user has bought it, he/she can prohibit its use from the public through ownership rights. The owner could be an individual or a group of individuals.

By applying the above definition, it is clear that C is the only alternative that consists of private goods only, that is, A watermelon, a chair, and a pencil.