Microeconomics
Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Chapter 17, Problem 1QFT
To determine

Economic incentives.

Concept introduction:

Rival Good:

Rival Goods are the goods which cannot be consumed by more than one person at a time.

Non-rival Goods:

Non-rival goods are the goods for which the availability doe not reduce through consumption of others

Excludable Goods:

Excludable goods are the goods for which the supplier can exclude the people who does not pay for it.

Non-excludable Goods:

The non excludable goods are the goods for which anybody can use it. The suppliers cannot stop anybody from using it, even they do not pay for it.

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