Question

Define rivalry and excludability and use these terms to discuss the four categories of goods. Rivalry is the situation that occurs when

Answer 1

Answer:Rivalry is the situation where there is competition between markets on determining who gets the customer base or who wins the customers heart.

While excludability could be defined as a situation where goods are limited or exclusive to only customers who pay

Explanation:

Rivalry is the situation where there is competition between markets on determining who gets the customer base or who wins the customers heart.

Excludability could be defined as a situation where goods are limited or exclusive to only customers who pay

-A private good is both a rivalry and excludability good because it includes things such as: food, clothing, or a haircut.

-A public good is neither rival nor excludable, because their often supplied by the government such as national defense.

-A quasi-public good is excludable, including things such as cable, internet, or iPhones.

-A common resource is rival, including things such as forest land.