Use the Following to Answer Questions: Table: GoodsClassification
Shirt
Rainfall

question 215

Essay

Use the following to answer questions: Table: GoodsClassification
Shirt
Rainfall
Smog Reduction
PlayStation Controller
Cable TV
National Defense
Baltimore Aquarium
Chewing Gum
Your Economics Textbook
Free Public Library
Your Teacher's Open Office Hours
Pen
Free Public Bus Service
-(Table: Goods Classification) Refer to the table. Classify the goods in the table into the four classifications listed. $$\begin{array} { | l | l | } \hline \text { a. } & \text { rival, excludable goods } \\\hline \text { b. } & \text { nonrival, nonexcludable goods } \\\hline \text { c. } & \text { rival, nonexcludable goods } \\\hline \text { d. } & \text { excludable, nonrival goods } \\\hline\end{array}$$

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Definitions:

Labor Supply Curve

This represents the relationship between the amount of labor that workers are willing to offer and the wage rate, typically showing that higher wages incentivize more labor supply.

Inclusive Unionism

The policy, pursued by industrial unions, in which a union attempts to include every worker in a given industry so as to be able to restrict the entire industry’s labor supply and thereby raise wages. Compare with exclusive unionism.

Industrial Unions

Labor unions that organize workers across a wide range of occupations within a single industry.

Monopsonist

A monopsonist is a market condition where there is only one buyer facing many sellers, allowing the buyer to exert significant control over prices.