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Jaydyn Montalvo
on Nov 25, 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.

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.
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JA
Johnny AguilarNov 26, 2024
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