ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Non-rivalrous goods are public goods that are consumed by people but whose supply is not affected by people’s consumption. In other words, when an individual or a group of individuals use a particular good, the supply left for other people to use remains unchanged.

Detailed explanation-2: -Non-rivalry means that consumption of a good by one person does not reduce the amount available for others. Non-rivalry is one of the key characteristics of a pure public good.

Detailed explanation-3: -A rival good is something that can only be possessed or consumed by a single user. A good that can be consumed or possessed by multiple users, on the other hand, is said to be a non-rival good. The internet and radio stations are examples of goods that are nonrival.

Detailed explanation-4: -Nonexcludable means that it is costly or impossible for one user to exclude others from using a good. Nonrivalrous means that when one person uses a good, it does not prevent others from using it.

Detailed explanation-5: -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.