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Economists refer to private goods as

Economics
JAMB 2023

Economists refer to private goods as

  • A. rivalrous and non-excludable
  • B. rivalrous and excludable
  • C. non rival and non- excludable
  • D. non rival and excludable
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Correct Answer: Option B
Explanation

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.

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