Asked by
Jaydyn Montalvo
on Nov 25, 2024Verified
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.
Public Good
Goods or services made available to all individuals within a society free of charge, supplied by the government or by private non-profit entities.
Private Good
A good or service that is individually consumed and that can be profitably provided by privately owned firms because they can exclude nonpayers from receiving the benefits.
Nonpayers
Individuals who benefit from goods or services without directly contributing to the cost, often associated with public goods.
- Achieve understanding of the definition, samples, and aspects of public goods.
- Become proficient in understanding the concepts of nonrivalry and nonexcludability in relation to public goods.
Verified Answer
JA
Learning Objectives
- Achieve understanding of the definition, samples, and aspects of public goods.
- Become proficient in understanding the concepts of nonrivalry and nonexcludability in relation to public goods.