Philip Nelson classified these entities into search, experience, and credence types. Demerit ones are considered intrinsically bad by an external authority, and public ones are non-excludable and non- rivalrous. For the normal type of these entities, demand increases when income increases, unlike the inferior or Giffen types of them. Substitute ones, such as coal and oil, can be used in place of o
Philip Nelson classified these entities into search, experience, and credence types. Demerit ones are considered intrinsically bad by an external authority, and public ones are non-excludable and non- rivalrous. For the normal type of these entities, demand increases when income increases, unlike the inferior or Giffen types of them. Substitute ones, such as coal and oil, can be used in place of one another. For 10 points, name these economic entities which people buy to satisfy a want or need.
Philip Nelson classified these entities into search, experience, and credence types.
goods