Which of the following best defines an excludable good?

• A. A good that is rival in consumption but not excludable.
• B. A good that cannot be consumed by more than one person at the same time.
• C. A good for which it is possible to prevent people who have not paid for it from having access to it.
• D. A good that is available to everyone regardless of payment.

Answer: (C)

Verified step by step guidance

1. Understand the concept of excludability in economics: Excludability refers to whether it is possible to prevent individuals who do not pay for a good from consuming it.
2. Recall the definition of an excludable good: It is a good for which the supplier can restrict access to only those who pay for it.
3. Contrast excludability with rivalrousness: Rivalrousness means one person's consumption reduces availability for others, while excludability is about controlling access regardless of consumption.
4. Analyze each option in the problem by checking if it matches the definition of excludability, focusing on the ability to prevent non-payers from accessing the good.
5. Identify the correct definition as the one stating that it is possible to prevent people who have not paid for the good from having access to it, which aligns with the concept of an excludable good.