A textbook is a
A)private good and the knowledge that one gains from reading the book is a common resource.
B)private good and the knowledge that one gains from reading the book is a public good.
C)common resource and the knowledge that one gains from reading the book is a public good.
D)common resource and the knowledge that one gains from reading the book is a private good.

Question

Quizplus · Accepted Answer

A textbook is a private good because it is excludable and rivalrous; only the person who purchases the textbook can use it, and its use by one person prevents its simultaneous use by another. The knowledge gained from reading the textbook, however, is a public good because it is non-excludable and non-rivalrous; once a person has gained knowledge, it does not prevent others from also gaining that knowledge, and others cannot be easily excluded from gaining the same knowledge.

A Textbook Is a