Match the characteristics on the right with the good that th

Match the characteristics (on the right) with the good that they describe (on the left). Note that characteristics may describe multiple types of goods. All characteristics describe at least one type of good.

Solution

Private good is excludable.Only who purchase it has the right to use it.If there are no externalities,there is efficient market production of good.It is rival in consumption that is consumption of this good decreases the amount available for others.Property rights are enforceable. Club good is excludable.Only who purchase it has the right to use it.But it is non rival in consumption.Consumption of this good does not decrease the amount available for others.Property rights are enforceable.It has efficient market production Common resouces are rival but non excludable.Anybody can consume it but amount available decreases with rise in consumption of this good.It has inefficient market production.Marginal social cost exceeds marginal cost for common resources. Public goods are non rival and non excludable.It has inefficient market production.