5.3 Test Bank – Flashcards
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A product is considered to be rivalrous if
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your consumption of the product reduces the quantity available for others to consume.
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A product is considered to be nonexcludable if
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you cannot keep those who did not pay for the item from enjoying its benefits.
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Which of the following displays these two characteristics: rivalry and nonexcludability?
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a common resource
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Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
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public good
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Which of the following displays these two characteristics: nonrivalry and excludability?
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quasi-public goods
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Which of the following displays rivalry and excludability in consumption?
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private goods
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Which of the following is an example of a product that is nonexcludable and rivalrous?
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free concert (with limited seating) in a park
