Understanding Private Goods: Excludable and Rival

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Question:

Private goods are:

nonexcludable and nonrival.

excludable and rival.

nonexcludable and rival.

excludable and nonrival.

Answer:

Private goods are excludable and rival. This means that individuals can be prevented from using them (excludable), and one person's consumption of the good reduces the amount available for others (rival). Examples of private goods include items like food, clothing, and cars.