Question

Suppose a popular band decides to hold a free concert in its hometown. Admission is available on a first-come, first-served basis. This concert is an example of:

Answer 1

Answer: Private good

Step-by-step explanation:

The main feature of a private good is rivalry and excludabilty. For a private good, when a consumer or when someone consumers or purchases the product, this will privemt others from enjoying such good.

Since the admission of the concert is available on a first-come, first-served basis, Thai means only those that quickly come will benefit while others will be excluded.

This is a private good.