Alright let's try this one. A slice of pizza is A, rival, B, non rival, C, non excludable or D, both A and C. Alright, so let's think about a slice of pizza and let's think about these rival and non rival, let's think about excludability too, right? So when we think about pizza, first the first thing I would think is that whenever we talk about food, we're talking about a private good usually, right? Only one person can eat it, and usually you have to pay for it, right? But let's go through each of these things, rival versus non rival, right? And let's think, is it gonna be rival or non rival? So if I eat a slice of pizza, you can't eat it, right? So it is gonna be rival, right? Only one person can consume each slice, right. And what about excludability? So is it gonna be excludable? Usually you have to pay for pizza right, there's a way to prevent people from eating the pizza and that's by making them pay for it. So it is excludable as well right, and And when we have a rival and an excludable good, just like I said, it ends up being a private good, right? So it's asking us here about these traits. We found that it's rival and that it's excludable, right? So the answer here is gonna be A. They tried to trick you with, both A and C here, but you should have been able to figure out that a slice of pizza is excludable, right? So that's gonna be the answer. A slice of pizza is a rival. Cool? Let's go ahead and move on to the next one.

Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

8. The Types of Goods

Four Types of Goods and Two Characteristics

Macroeconomics

8. The Types of Goods

Four Types of Goods and Two Characteristics

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Multiple Choice

A slice of pizza is:

Rival

non-rival

non-excludable

both a and c

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Verified step by step guidance

Identify the characteristics of a 'rival' good: A good is considered rival if one person's consumption of the good reduces the amount available for others.

Identify the characteristics of a 'non-rival' good: A good is non-rival if one person's consumption does not affect the availability of the good for others.

Identify the characteristics of a 'non-excludable' good: A good is non-excludable if it is not possible to prevent people from using it.

Consider a slice of pizza: When one person eats a slice, it is no longer available for others, indicating it is a rival good.

Determine if a slice of pizza is excludable: Since you can prevent others from eating it by not sharing, it is excludable, thus not fitting the non-excludable category.