Define rivalry and excludability and use these terms to discuss the four categories of goods. Rivalry is the situation that occurs when

Rivalry is the situation where there is competition between markets on determining who gets the customer base or who wins the customers heart.

While excludability could be defined as a situation where goods are limited or exclusive to only customers who pay

Explanation:

Rivalry is the situation where there is competition between markets on determining who gets the customer base or who wins the customers heart.

Excludability could be defined as a situation where goods are limited or exclusive to only customers who pay

-A private good is both a rivalry and excludability good because it includes things such as: food, clothing, or a haircut.

-A public good is neither rival nor excludable, because their often supplied by the government such as national defense.

-A quasi-public good is excludable, including things such as cable, internet, or iPhones.

-A common resource is rival, including things such as forest land.

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