Question

Which types of goods might be sold in markets?

A.private goods, club goods, common-resource goods

B.all types of goods

C.private goods and club goods

D.private goods

E.public goods

Answer 1

Answer to the the question:

Option c: Private goods and club goods.

Explanation: Private goods are chanracterised by the excludability and the rivalary in consumption. Thus, the producer will be able to exclude the people who have not pay for it and also if one consumes, the amount of good get reduced for the other this is known a the rivalary in consumption. this two feature of private goods let the producer to fix its price easily and thus is sold in the market.

Club good is characterised by non rival but excludable. Since the producer can decide whome to sell it and can exclude who do not pay for it, it is also sold in the market (like cable connection, telecom network etc.)

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