Asked by Chyniquia Johnson on Jul 23, 2024
Verified
If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good.
A) private
B) Pareto
C) public
D) free
Excluded
Not included, left out, or omitted from a group, list, or category.
Rivalry in Consumption
A situation where the consumption of a good or service by one individual reduces its availability for consumption by others.
Public Good
Offerings of goods or services to the whole society at no expense, facilitated by either the state or private entities, not pursuing profitability.
- Distinguish between private and public goods, including their definitions and examples.
Verified Answer
SS
Sabitha SankarJul 24, 2024
Final Answer :
C
Explanation :
Public goods are characterized by non-excludability and non-rivalry in consumption, meaning that no one can be prevented from using them and one person's use does not reduce availability for others.
Learning Objectives
- Distinguish between private and public goods, including their definitions and examples.
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