A characteristic of public goods is that: a) people pay for them in proportion to the benefits...
Question:
A characteristic of public goods is that:
a) people pay for them in proportion to the benefits received.
b) their benefits cannot be withheld from anyone, regardless of whether the person pays for them.
c) they are produced only by the public sector, not by the private sector.
d) the costs of producing them are less than if they were private goods.
Goods:
Goods are tangible, typically mobile, and typically not consumed at the same time as production economic goods Compare the offerings. products of trade; goods. It shows that they are excludable and rival.
Answer and Explanation: 1
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Option b) their benefits cannot be withheld from anyone, regardless of whether the person pays for them is correct
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Public Good in Economics | Definition, Characteristics & Examples
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Chapter 3 / Lesson 64
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Learn the definition of a public good and understand the theory of public goods. Explore the characteristics of public goods and review various examples.
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