Responses
A public good is a product or service that one consumer can prevent another consumer from using, and is not accessible without payment.
A public good is a product or service that one consumer can prevent another consumer from using, and is not accessible without payment.
A public good is a product or service that one consumer cannot prevent another consumer from using, and is not accessible without payment.
A public good is a product or service that one consumer cannot prevent another consumer from using, and is not accessible without payment.
A public good is a product or service that one consumer can prevent another consumer from using, and is accessible without payment.
A public good is a product or service that one consumer can prevent another consumer from using, and is accessible without payment.
A public good is a product or service that one consumer cannot prevent another consumer from using, and is accessible without payment.
A public good is a product or service that one consumer cannot prevent another consumer from using, and is accessible without payment.
1 answer
The correct definition of a public good is:
A public good is a product or service that one consumer cannot prevent another consumer from using, and is accessible without payment.
Public goods are characterized by two main features: they are non-excludable (meaning individuals cannot be effectively excluded from using them) and non-rivalrous (meaning one individual's use of the good does not reduce its availability to others). Examples include clean air, national defense, and public parks.
