Question

Which statement describes a public good? Everyone who uses it pays for it. The benefit to the public is worth the cost to government. It is funded by the private sector without government incentives. It is commercially viable.

Answer 1

The statement that describes a public good is B. the benefit to the public is worth the cost to government.

Public goods are products that one member of the society can consume without reducing its availability to the rest and that can be consumed simultaneously by more than one individual.  Moreover, no one is deprived from this good, that could be enjoyed even without paying for it. Therefore, the benefit to the public is worth the cost to government.

Some examples of public goods are sewer systens, law enforcement and public parks.

Answer 2

Answer:

The benefit to the public is worth the cost to government.

Explanation:

This is the statement that best describes a public good. A public good is a non-excludable (no one can be excluded from using it) and non-rivalrous (use by one person does not reduce the availability of it for others) good. Public goods are generally provided by the government as the cost of it is considered to be worth the cost to the government. Some examples of public goods are street lighting and public parks.