Most of the goods produced in an economy are ________.
A) private goods
B) public goods
C) club goods
D) inferior goods

Question

Quizplus · Accepted Answer

Private goods are goods that are excludable and rival in consumption. They are typically produced and sold by private firms in competitive markets. Most goods produced in an economy are private goods, such as food, clothing, and electronics. Public goods are non-excludable and non-rival, and are typically provided by the government. Club goods are excludable but non-rival, and include things like cable TV and gym memberships. Inferior goods are goods for which demand decreases as income increases.

Most of the Goods Produced in an Economy Are ________