A Private Good Is a Good or Service for Which

question 205

Multiple Choice

A private good is a good or service for which exclusion is:

• A)possible and which is rival in consumption.
• B)possible and which is nonrival in consumption.
• C)not possible and which is rival in consumption.
• D)not possible and which is nonrival in consumption.

---

Definitions:

Price-elasticity Coefficient

A measure that calculates how much the quantity demanded of a good responds to a change in its price, quantitatively.

Revenues

The total income generated by a company from its business operations, such as sales of goods or services, before any costs or expenses are deducted.

Cut the Price

To reduce the selling price of a product or service.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in its price.