ECONOMICS
MARKET FAILURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Semi Non Rival & Semi Non Excludable
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Non Rival & Non Excludable
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Non Excludable & Semi Non Rival
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Semi Non Excludable & Non Rival
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Detailed explanation-1: -They are largely non-rival (apart from during peak/times and periods) and it is possible to exclude third parties from the benefits but the costs associated with this mean that this is rarely enforced.
Detailed explanation-2: -A quasi-public good is a near-public good. It has some of the characteristics of a public good especially when it becomes rival in consumption at times of peak demand.
Detailed explanation-3: -Answer and Explanation: The correct option is ( d.) cable television. Quasi-public goods are similar to public goods as their ownership is given to public authorities.
Detailed explanation-4: -A public good has two key characteristics: it is nonexcludable and nonrivalrous. These characteristics make it difficult for market producers to sell the good to individual consumers. Nonexcludable means that it is costly or impossible for one user to exclude others from using a good.