Question

If your purchases of shoes increase from 9 pairs per year to 11 pairs per year when your income increases from $19,000 to $21,000 a year, other things equal, for you, shoes are considered a(n) _____ good.

Answer 1

Answer: commom resources good

Step-by-step explanation:

The question above signifies that I can't eliminate shoes from my list. To me, shoes are inexcludable. You can see that as my income increases, my purchases of shoes increase.

I chose common resources good because they are non-excludable (something difficult to eliminate), but can compete with other goods. This means that their availability to other people decreases when they are being used up.

Other types of goods besides common resources good are

- Private goods (products that are easily eliminated and rival)

-Club goods (excludable products but non rival)

-Public goods (unable to eliminate and non-rival)