Question
Download Solution PDFWhich of the followings statements is/are true about private goods?
I. Rivalrous in consumption
II. Non-excludability
III. Negative marginal cost
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 4 Only.Key PointsPrivate Goods:
- Private goods are characterized by being rivalrous in consumption, meaning that one person's consumption of the good reduces the amount available for others. Hence, Statement I is correct.
- Private goods are also excludable, meaning that it is possible to prevent people who have not paid for the good from consuming it. Hence, Statement II is incorrect.
- Private goods typically have a positive marginal cost of production, not negative. Hence, Statement III is incorrect.
Last updated on May 28, 2025
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