Question on: JAMB Economics - 2023
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Economists refer to private goods as
A
rivalrous and non-excludable
B
rivalrous and excludable
C
non rival and non- excludable
D
non rival and excludable
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Correct Option: B
Economists refer to private goods as rivalrous and excludable. Private goods are characterized by two key features: rivalry (consumption by one person reduces the amount available for others) and excludability (it is possible to prevent individuals who have not paid for the good from consuming it).Â
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