JAMB - Economics (2023 - No. 57)
Economists refer to private goods as
rivalrous and non-excludable
rivalrous and excludable
non rival and non- excludable
non rival and excludable
Explicació
They are goods that are divisible and to which principle of exclusion is fully applied. It is based on the following assumptions: Ability to pay, Rivalry in consumption, price is its basis, willingness to pay etc.