Question

A private good is: Group of answer choices excludable and nonrival in consumption. nonexcludable and rival in consumption. excludable and rival in consumption. nonexcludable and nonrival in consumption

Answer 1

A private good is excludable and rival in consumption.

Option: C

Explanation:

Public products are produced for the wellbeing of the people at no expense by the government or by design. Yet private goods are the ones which private firms produce and sell to generate a profit.

If nature or government offers public goods, it is the businessmen or entrepreneurs who create private goods. A good can be excluded if the manufacturer of that good can prevent people who do not pay from buying it. If it can not acquired at the similar time by more than one individual, an item is rival in consumption.