ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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park
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police force
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military
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supermarket
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Detailed explanation-1: -For a good to be a public good, it must be nonexcludable and nonrival. So, for example, public transportation is not a public good. It is excludable, because the transit company won’t give you a ride if you don’t pay the fare. It’s also rival because public transportation has limits.
Detailed explanation-2: -The types of public goods include security, education, knowledge, infrastructure, environment and health.
Detailed explanation-3: -The opposite of a public good is a private good, which is both excludable and rivalrous. These goods can only be used by one person at a time-for example, a wedding ring. In some cases, they may even be destroyed in the act of using them, such as when a slice of pizza is eaten.
Detailed explanation-4: -A: public goods are Non rival and Non Excludable.