ng.cengage.com MINDTAP From Cengage mework (Ch 11) ack to Assignment ttempts: 0

Question

ng.cengage.com MINDTAP From Cengage mework (Ch 11) ack to Assignment ttempts: 0 1. Categories of goods Average: 0/2 Consumption of the good by one person decreases the ability of other people to consume the good. It is not possible to prevent an individual from using the good The satisfaction derived from consuming the good is affected by the price a consumer pays for the good. Those who are unwilling or unable to pay for the good do not obtain its benefits. Complete the following Term Nonexcludable Rival If a good is both nonexcludable and rival in consumption, then it is Grade It Now Save & Continue Continue without saving 2

Explanation / Answer

(i) Non-excludable - It is not possible to prevent an individual from using the good

(ii) Rival - Consumption of the good by one person decreases the ability of other people to use the good.

(iii) If a good is non-excludable and rival in consumption, it is a Common resource.

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