Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 11 - Part IV - Public Goods and Common Resources - Questions for Review: 1

Answer

1)good that people can be prevented from using. 2)one person’s use decreases another person’s enjoyment. 3)Pizza is both excludable and rival.

Work Step by Step

Excludable good: good that people can be prevented from using. Rival good: one person’s use decreases another person’s enjoyment. Pizza is both excludable and rival. Pizza is excludable: pizza maker can prevent some one who can’t pay for pizza from eating it. Pizza is rival: if one person eats it, nobody else can.
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