A Private Good Is

question 120

Multiple Choice

A private good is

• A) nonexcludable and nonrival.
• B) excludable and rival.
• C) excludable and nonrival.
• D) nonrival and excludable.
• E) subject to the free-riding problem.

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Definitions:

Labor Hire

The process of employing workers, often on a temporary basis, to perform certain jobs or tasks.

Marginal Productivity

is the additional output resulting from using one more unit of a particular input, holding all other inputs constant.

Hourly Wage

The rate of pay employees receive for one hour of work, an important indicator of labor costs and worker compensation in an economy.

Marginal Resource Cost

The change in total cost that comes from producing one additional unit of a good or service.