Economists consider a product such as a university education to be , whereas a product such as your local library is generally considered to be _.

Question

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A university education is rivalrous, as there are often limited spots available in classes and only a certain number of degrees can be awarded. It is also excludable, as only paying students have access to the education. On the other hand, a local library's resources are not rivalrous (multiple people can use the same book at the same time) but are excludable (only library cardholders can check out books). Therefore, a university education fits the description of being rivalrous and excludable, while a local library fits the description of being non-rivalrous and excludable.

Economists Consider a Product Such as a University Education to Be