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

0. Basic Principles of Economics1h 5m
1. Reading and Understanding Graphs59m
2. Introductory Economic Models1h 10m
3. The Market Forces of Supply and Demand2h 26m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
6. Introduction to Taxes and Subsidies1h 46m
7. Externalities1h 12m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. The Costs of Production2h 35m
11. Perfect Competition2h 23m
12. Monopoly2h 13m
13. Monopolistic Competition1h 9m
14. Oligopoly1h 26m
15. Markets for the Factors of Production1h 26m
16. Income Inequality and Poverty35m
17. Asymmetric Information, Voting, and Public Choice39m
18. Consumer Choice and Behavioral Economics1h 16m

8. The Types of Goods

Four Types of Goods and Two Characteristics

Microeconomics

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

Understand the concept of 'rival' and 'non-rival' goods. A rival good is one where consumption by one person diminishes the ability of another person to consume it. A non-rival good is one where consumption by one person does not affect the availability for others.

Consider the nature of a slice of pizza. If one person eats a slice, it is no longer available for others. This characteristic makes it a rival good.

Understand the concept of 'excludable' and 'non-excludable' goods. An excludable good is one where it is possible to prevent people from accessing it if they do not pay for it. A non-excludable good is one where it is difficult or impossible to prevent people from using it.

Consider the excludability of a slice of pizza. Since you can prevent someone from eating a slice unless they pay for it, it is an excludable good.

Based on the definitions and characteristics, determine which options correctly describe a slice of pizza. Since it is both rival and excludable, it does not fit the definitions of non-rival or non-excludable.