The demerit type of this concept produces a negative externality, while the private type has the characteristics of excludability and rivalry. The substitute type of this concept can decrease demand for other types of this, while the complement will increase demand. The ordinary type of this sees demand decrease with price, while the Veblen type of this is one for which price rises along with demand. Consumption of the public type of these does not decrease the supply. F
The demerit type of this concept produces a negative externality, while the private type has the characteristics of excludability and rivalry. The substitute type of this concept can decrease demand for other types of this, while the complement will increase demand. The ordinary type of this sees demand decrease with price, while the Veblen type of this is one for which price rises along with demand. Consumption of the public type of these does not decrease the supply. For 10 points, identify this economic concept, which refers to any item that producers produce.
The demerit type of this concept produces a negative externality, while the private type has the characteristics of excludability and rivalry.