Multiple Choice
Which of the following pairs of goods are considered substitutes in microeconomics?
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8. The Types of Goods
Four Types of Goods and Two Characteristics
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Which of the following is considered a durable good?
A
A cup of coffee
B
A newspaper
C
A loaf of bread
D
A refrigerator
Verified step by step guidance1
Understand the definition of a durable good: A durable good is a product that does not quickly wear out and provides utility over time, typically lasting for several years.
Analyze each option by considering how long the good lasts and whether it provides ongoing utility:
- A cup of coffee is consumed immediately and does not last beyond a short period, so it is not durable.
- A newspaper is also consumed quickly and becomes outdated soon, so it is not durable.
- A loaf of bread is perishable and consumed quickly, so it is not durable.
- A refrigerator, on the other hand, is a product that lasts for several years and provides ongoing utility, making it a durable good.
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