Examlex
What was one of the downsides of the state of the railroad industry?
Private Goods
Goods that are both rivalrous and excludable, meaning consumption by one person reduces availability for others and access can be restricted.
Tragedy of the Commons
A situation in which individual users, acting independently according to their own self-interest, deplete or spoil shared resources, even though it is contrary to the group's long-term interests.
Private Good
A product or service that is individually consumed and can be easily excluded from non-payers, making it rivalrous in consumption.
Subsidize
Financial support given by the government or another organization to reduce the cost of goods, services, or activities, often to encourage development or consumption.
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