When economists say that one of the characteristics of a Public Good is that it is “non-excludable”, they mean: Select one: a. that the government makes the good widely available to virtually anyone in the economy. b. the good’s price is so low that virtually anyone can afford it. c. that once the good is supplied, it is difficult to prevent those who do not pay for it from consuming the good. d. that once a unit of the good is provided, it can be jointly consumed by more than one consumer at the same time.
When economists say that one of the characteristics of a Public Good is that it is “non-excludable”, they mean: Select one: a. that the government makes the good widely available to virtually anyone in the economy. b. the good’s price is so low that virtually anyone can afford it. c. that once the good is supplied, it is difficult to prevent those who do not pay for it from consuming the good. d. that once a unit of the good is provided, it can be jointly consumed by more than one consumer at the same time.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
When economists say that one of the characteristics of a Public Good is that it is “non-excludable”, they mean:
Select one:
a.
that the government makes the good widely available to virtually anyone in the economy.
b.
the good’s price is so low that virtually anyone can afford it.
c.
that once the good is supplied, it is difficult to prevent those who do not pay for it from consuming the good.
d.
that once a unit of the good is provided, it can be jointly consumed by more than one consumer at the same time.
Expert Solution
Step 1
Goods that are nonrival and nonexcludable are public goods.
A good is nonrival when consumption of the good does not diminish the quantity available for other consumers.
A good is nonexcludable when it is not possible to exclude people from consuming it who have not paid for it.
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