Which of the Following Characteristics Best Defines a Private Good

question 33

Multiple Choice

Which of the following characteristics best defines a private good?

• A) rival and excludable
• B) rival and nonexcludable
• C) nonrival and nonexcludable
• D) nonrival and excludable
• E) a good that is never produced by the government

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Definitions:

Scarce

A term describing the limited availability of resources relative to the wants and needs for them, leading to the necessity of making economic choices.

Additional Benefit

An additional benefit refers to extra advantages or perks that come from using a product or engaging in an activity, beyond the primary gains.

Additional Cost

The extra cost that is incurred when an economic agent decides to increase the level of an activity or purchase.

Labor Market

The marketplace in which individuals offer their labor for employment and employers seek to hire labor to fill available positions.