Which type of goods is characterized by high rivalry in consumption and high excludability?

The correct choice is private goods, which are defined by their characteristics of high rivalry in consumption and high excludability. High rivalry in consumption means that one person's use of the good diminishes the ability of another person to use it. For example, if one person consumes a slice of pizza, that slice is no longer available for anyone else. High excludability refers to the ability of the owner to prevent others from using the good. For instance, if you own a car, you can restrict access to it, ensuring that only you or those you allow can use it.

In contrast, common resources are shared resources which face high rivalry but low excludability, such as fish in the ocean, where individual consumption reduces availability for others but it may be difficult to restrict access. Public goods, like clean air or national defense, are characterized by low rivalry and low excludability, meaning one person's use does not detract from another’s use, and it's challenging to prevent anyone from using them. Collective goods can also face different characteristics depending on the context, often not falling directly into the rivalry and excludability framework in the same way that private goods do.

Understanding these definitions highlights why private goods are uniquely characterized by both high rivalry and