Asked by WORST NIGHTMARE on Apr 28, 2024
Verified
A public good is one that is generally available for consumption by the public;that is,a person does not have to be a member of a special group or a club to be able to consume it.A good example would be milk for sale in a grocery store that is open to the public.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from its use and one person's use does not reduce availability to others.
Grocery Store
A retail store that sells food and other household goods.
- Comprehend the significance and consequences of goods that are nonexcludable and nonrivalrous within a market-based economy.
Verified Answer
JJ
Jazmynn JamesMay 01, 2024
Final Answer :
False
Explanation :
A public good is non-excludable and non-rivalrous, meaning people cannot be prevented from using it and one person's use does not reduce its availability to others. Milk for sale in a grocery store is excludable and rivalrous, making it a private good, not a public good.
Learning Objectives
- Comprehend the significance and consequences of goods that are nonexcludable and nonrivalrous within a market-based economy.