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"Don't Bother Me with the So-Called Facts," Asserts Your Uncle

question 233

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"Don't bother me with the so-called facts," asserts your Uncle Joe."If it's good enough for Barack Obama, it's good enough for me." Which of the following statements about your Uncle Joe is most likely true? He will


Definitions:

Private Goods

Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.

Rival Consumption

A situation in which one person's consumption of a good or service diminishes others' ability to consume the same good or service.

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it without permission.

Nonexcludable

A characteristic of a good or service whereby individuals cannot be effectively excluded from using it, often resulting in public goods.

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