345 a good that is rival and nonexcludable is called

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345 A good that is rival and nonexcludable is called a:private good. Incorrect. A good that is rival and nonexcludable is called a common resource. See the section ―Four Types of Goods‖ for further discussion. common resource. (True Answer )Correct. This is the definition of a common resource. nonrival private good. Incorrect. A good that is rival and nonexcludable is called a common resource. See the section ―Four Types of Goods‖ for further discussion. public good. Incorrect. A good that is rival and nonexcludable is called a common resource. See the section ―Four Types of Goods‖ for further discussion. 346 A good that is nonrival and excludable is called a:private good. Incorrect. A good that is nonrival and excludable is called a nonrival private good. See the section ―Four Types of Goods‖ for further discussion. common resource. Incorrect. A good that is nonrival and excludable is called a nonrival private good. See the section ―Four Types of Goods‖ for further discussion. nonrival private good. (True Answer )Correct. This is the definition of a nonrival private good. public good. Incorrect. A good that is nonrival and excludable is called a nonrival private good. See the section
―Four Types of Goods‖ for further discussion. 347 Private goods _______ provided by markets because there _______ an incentive to pay for and produce the goods.are; is (True Answer )Correct. Markets will produce private goods because they are excludable. are; is not Incorrect. Markets will produce private goods because they are excludable. See the section ―Private Goods and Public Goods‖ for further discussion. are not; is Incorrect. Markets will produce private goods because they are excludable. See the section ―Private Goods and Public Goods‖ for further discussion. are not; is not Incorrect. Markets will produce private goods because they are excludable. See the section ―Private Goods and Public Goods‖ for further discussion. 348 Public goods _______ efficiently provided by markets because there _______ an incentive to pay for and produce the goods.are; is Incorrect. Since public goods are nonexcludable, people will wait for others to purchase the good so that they can be free riders. This makes it hard for markets to produce public goods. See the section ―Private Goods and Public Goods‖ for further discussion. are; is not Incorrect. Since public goods are nonexcludable, people will wait for others to purchase the good so that they can be free riders. This makes it hard for markets to produce public goods. See the section ―Private Goods and Public Goods‖ for further discussion. are not; is Incorrect. Since public goods are nonexcludable, people will wait for others to purchase the good so that they can be free riders. This makes it hard for markets to produce public goods. See the section ―Private Goods and Public Goods‖ for further discussion.

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