Economists refer to private goods as

Source: JAMB · 2023

Economists refer to private goods as

  1. non rival and non- excludable
  2. rivalrous and excludable ✓
  3. non rival and excludable
  4. rivalrous and non-excludable
Explanation

A private good is rivalrous and excludable. If you buy a bag of rice, nobody else can eat the same rice (rivalrous). Sellers can also stop non-payers from getting it (excludable).

Street lights are the opposite. They are non-rival and non-excludable.

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