Asked by Preet Sangha on May 31, 2024

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Unlike a private good,a public good:

A) has no opportunity costs.
B) has benefits available to all,including nonpayers.
C) produces no positive or negative externalities.
D) is characterized by rivalry and excludability.

Private Good

A product that is excludable and rival in consumption, meaning its use is limited to the purchaser and it cannot be shared without diminishing availability to others.

Rivalry

Competition or contention between two or more parties for a goal that only one can attain.

Excludability

A characteristic of a good according to which it is possible to prevent people who have not paid for the good from consuming it.

  • Comprehend the principles surrounding public goods, focusing on their non-excludable and non-rival characteristics.
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Verified Answer

ZK
Zybrea KnightJun 05, 2024
Final Answer :
B
Explanation :
Public goods are characterized by two main features: non-excludability, meaning that it is difficult or impossible to prevent someone from using the good, and non-rivalrous consumption, meaning that one person's consumption of the good does not reduce its availability to others. Because of these features, public goods provide benefits to everyone, including non-payers. The other answer choices do not accurately describe public goods.