Asked by Michael Kumlien on Jul 24, 2024
Verified
Public goods are both rival and nonexclusive.
Rival
Describes a good or resource that cannot be consumed by more than one person or entity at the same time without diminishing its availability to another.
Nonexclusive
A property of a good or service where one person's use does not diminish availability to others.
- Distinguish between public goods, private goods, and the characteristics of each.
Verified Answer
SF
Seira FerreyraJul 28, 2024
Final Answer :
False
Explanation :
Public goods are characterized by being non-rival (one person's consumption does not reduce availability for others) and non-excludable (it is not possible to exclude anyone from using the good).
Learning Objectives
- Distinguish between public goods, private goods, and the characteristics of each.