Goods can be classified as private goods or public goods, depending on the circumstances.

Name: Goods can be classified as private goods or public goods, depending on the circumstances.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Private goods are those that are excludable and rivalrous, meaning that they can be owned and enjoyed by individuals or groups, and consuming them reduces the availability for others. Public goods, on the other hand, are non-excludable and non-rivalrous, and can be consumed by everyone without reducing availability.

Goods Can Be Classified as Private Goods or Public Goods