ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A rival good is a type of good that may only be possessed or consumed by a single user. Rival goods can be durable, meaning they may only be used one at a time, or nondurable, meaning they perish after consumption.

Detailed explanation-2: -In economics, a good is said to be rivalrous or a rival if its consumption by one consumer prevents simultaneous consumption by other consumers, or if consumption by one party reduces the ability of another party to consume it.

Detailed explanation-3: -A private good is a product that must be purchased to be consumed, and consumption by one individual prevents another individual from consuming it.

Detailed explanation-4: -Most goods can only be consumed by one person, or by one person at a time. Economists call such goods rival because consumption of them is competitive in a sense. A typical rival good might be pizza–although several people can share a pizza, each individual bite can only be eaten by one person.

Detailed explanation-5: -A good is excludable if the supplier of that good can prevent peo-ple who do not pay from consuming it. They are rival in consumption: the same unit of the good cannot be consumed by more than one person at the same time. When a good is both excludable and rival in consumption, it is called a private good.