Asked by Alexis Chavez on May 01, 2024

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Some goods can be classified as either public goods or private goods depending on the circumstances.

Public Goods

Public goods are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.

Private Goods

Goods that are both excludable and rivalrous, meaning only those who pay for them can use them, and one person's use of the good reduces others' ability to use it.

  • Differentiate between public goods, private goods, club goods, and common resources.
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LP
Leywes PierreMay 01, 2024
Final Answer :
True
Explanation :
Some goods can be classified as either public or private goods depending on factors like excludability and rivalry in consumption. For example, a park can be a public good when it's open and free to all, but it can become a private good if an entry fee is charged and access is restricted.