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Define rivalry and excludability and use these terms to discuss to discuss four categories of goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a) Define rivalry and excludability and use these terms to discuss to discuss four categories of goods.

b) What is tragedy of the commons? How can it be avoided?

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