The opposite of a public good is aprivate good, which is both excludable and rivalrous. Private goods can only be used by one person at a time—a piece of jewelry, for example. In some cases, they are destroyed in the act of using them, such as when a slice of pizza is eaten. P...
Economists define products as rival goods or non-rival goods as a way to analyze patterns of consumption and the workings of the law of supply and demand. A rival good is restricted in its availability, which can cause demand to outstrip supply and its price to increase. A non-rival good...
Explain the characteristic of a semi-public good which is rival and non-exclusive. Provide an example of such a good. (a) What are the two defining characteristics of a public good? Explain what those characteristics mean, and how they are present in a public good but not in a private...
Non-excludability- this means that no one can be stopped from consuming a public good. Non-rivalrous- this means that just because one person is...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a q...
When apartheid ended over two decades ago, South Africa had no real idea what its national cuisine was. But international influences have combined with an effort to preserve the numerous local cuisines, resulting in a dynamic food scene
Non-excludable: A good is non-excludable when individual consumers are unable to prevent others from also consuming it. Scarce: The good must bescarcesince a non-scarce good cannot be rivalrous in consumption. Common-pool resource: A common-pool resource functions as a hybrid between a public...
What does it take to succeed in the restaurant franchising business? Which of the following goods would be considered non-rivalrous? A. A coexist sticker B. A Netflix subscription C. A pair of TOMS shoes D. A cup of fair trade coffee ...
What does cash margin per ton mean? How do supermarkets organize all of their incoming money? What are examples of fixed and variable costs in a fast food restaurant? What are the economics of discount chains purchasing unsold discount store products? In gene...
What is capital per worker? Which of the following is non-rivalrous and does not have to suffer from diminishing returns? a. Ideas b. Land c. Physical capital d. Human capital What causes depreciation of capital? What are three examples of how the U.S. Financial Crisis impacted HRM?Explo...
In regard to economics, what is net working capital? Which of the following is non-rivalrous and does not have to suffer from diminishing returns? a. Ideas b. Land c. Physical capital d. Human capital What are some examples of goods that the U.S. has a comparative advantage in producin...