What happens when one person consumes a private good?

When one person consumes a private good, it reduces the supply available for others to consume. Private goods are characterized by being both excludable and rivalrous. This means that when one individual uses a private good, they are actively using up a portion of that good, making it unavailable for others. For example, if a slice of pizza is eaten by one person, that specific slice can no longer be consumed by anyone else. The consumption of a private good directly impacts its availability, highlighting the competitive nature of private goods where one individual's consumption does diminish the amount left for others. This concept is fundamental to understanding how markets operate, particularly in relation to supply and demand dynamics.