Question

QUESTION 8 A good that is rival and excludable is defined as a: private good. public...

QUESTION 8

  1. A good that is rival and excludable is defined as a:

    private good.

    public good.

    common-resource good.

    club good.

    government good.

2 points   

QUESTION 9

  1. If government regulation forces firms in an industry to internalize the externality, then the:

    supply curve shifts to the left.

    supply curve shifts to the right.

    demand curve shifts to the left.

    demand curve shifts to the right.

    supply curve and the demand curve shift to the left.
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Answer #1

Question 8

A good that is rival and excludable is defined as a private good. A rival good is a good which can be consumed or possessed by a single person or user. A good is said to be excludable if it is poosible to exclude consumers from consuming or possessing it.

Question 9

If government regulation forces firms in an industry to internalize the externality, then the supply curve shifts to the left. This is because due to internalization of externalities, the production cost of the firms increases and they start producing less and hence supply less which leads to a leftward shift of th supply curve.

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