Which of the following statements about private goods and public goods is correct? a. Private goods and public goods are both rival in consumption. b. Private goods are not excludable and public goods are excludable. c. Private goods and public goods are both excludable. d. Private goods are rival in consumption and public goods are not excludable.
Added by Marc B.
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Step 1: Define "rival in consumption": a good is rival if one person's consumption reduces the amount available for others (example: eating an apple prevents others from eating that same apple). Show more…
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