Economic Awareness - Sectors of Indian Economy
Which of the following is an example of a private good?
Which of the following is an example of a private good?
easy Q2 of 15
Step-by-Step Solution
Step 1: Recall private goods characteristics
Private goods are excludable and rivalrous, meaning consumption by one person reduces availability to others and people can be excluded from using them.Step 2: Evaluate options
Cinema tickets are excludable and rivalrous, fitting the private good definition. National defense, street cleaning, and public parks are public goods or services.Final Answer:
Cinema ticket → Option AQuick Check:
Private good = excludable and rivalrous ✅
Quick Trick: Private goods are sold in markets and exclude non-payers.
Common Mistakes:
MISTAKES- Mistaking public services like street cleaning as private goods.
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