Multiple Choice
Which of the following goods would be considered a rivalrous private good?
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8. The Types of Goods
Four Types of Goods and Two Characteristics
Multiple Choice
Which of the following is an example of a durable good?
A
A refrigerator
B
A newspaper
C
A cup of coffee
D
A loaf of bread
Verified step by step guidance1
Understand the definition of a durable good: A durable good is a product that does not quickly wear out and provides utility over time, typically lasting for several years.
Identify the characteristics of each option: A newspaper is consumed quickly and does not last, a cup of coffee is consumed immediately, and a loaf of bread is eaten shortly after purchase.
Recognize that a refrigerator is designed to last for many years and is used repeatedly over time, fitting the definition of a durable good.
Compare the options based on durability and usage duration to confirm which one qualifies as a durable good.
Conclude that the refrigerator is the example of a durable good among the given options.
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