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Mahak Gupta
on Dec 11, 2024

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A good that is both nonexcludable and nonrival-in-consumption is called a

A) common good.
B) external good.
C) public good.
D) private good.

Nonexcludable

A characteristic of a good or service that prevents the owner from effectively excluding others from using it, often associated with public goods.

Nonrival-in-consumption

A property of certain goods where one individual's consumption does not diminish the ability of others to consume the same good.

Public Good

An item or service made available to all societal members at no cost, regardless of profit, by either governmental bodies or private individuals or groups.

  • Understand the difference between public goods and private goods.
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Ismael CapellanDec 15, 2024
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