MINDAP w7-chpt 11 A Current Test: Chapters: 11 , Prevous Question 6 of 10 Questi

Question

MINDAP w7-chpt 11 A Current Test: Chapters: 11 , Prevous Question 6 of 10 Question 6 Which of the following is an example of a private good? O membership in a basketball league made up of friends who meet at a local playground that always has open courts available O membership in a besketball l eague made up of friends who meet at a local playground where they have to wait for a court to be avalable membership in a basketball league that requires a registration fee but always has open courts available membership in a basketball league that requires a registration fee and a wait for a court to be available 2 4

Explanation / Answer

Solution:

Private good is the kind of good which is rivalrous and excludable. So, a private good is consumed when some amount is paid to get that good (for it's excludability) and it's consumption by one person decreases it's availability for the other person (for it's rivalry). Thus, among the provided options, Option D is best suited as being an example of a private good: membership in a baksetball league, which requires registration fee (so, amount is paid) and a wait for a court to be available (availability is reduced by use of additional member).

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