Which of the following best describes a nondurable good?

• A. A good that is non-excludable and non-rivalrous, such as national defense.
• B. A good that is consumed quickly and has a short lifespan, such as food or gasoline.
• C. A good that is excludable and rivalrous, such as a private park.
• D. A good that can be used repeatedly over a long period, such as a car or refrigerator.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the definition of a nondurable good. A nondurable good is a product that is consumed quickly or has a short lifespan, meaning it is used up in a short period of time after purchase.
2. Step 2: Recognize that nondurable goods contrast with durable goods, which are items that last for a long time and can be used repeatedly, such as cars or refrigerators.
3. Step 3: Identify examples of nondurable goods, such as food, gasoline, or other items that are consumed almost immediately or within a short timeframe.
4. Step 4: Differentiate nondurable goods from public goods, which are non-excludable and non-rivalrous (like national defense), and from private goods, which are excludable and rivalrous (like a private park).
5. Step 5: Conclude that the best description of a nondurable good is one that is consumed quickly and has a short lifespan, such as food or gasoline.