Bob owns 5 acres of land. Bob sells the land to a real estate developer who builds a subdivision with 10 houses. The land is an example of a good that is
A)both rival in consumption and excludable.
B)neither rival in consumption nor excludable.
C)excludable, but not rival in consumption.
D)rival in consumption, but not excludable.

Question

Quizplus · Accepted Answer

Land is both rival in consumption (only one party can use it at a time) and excludable (ownership can prevent others from using it).

Bob Owns 5 Acres of Land