Question

Identify a public good and a private good that you use regularly. Describe each good, and identify the characteristics that make the public good public and the private good private.

Answer 1

Answer:

A pure public good is a good or service that can be consumed simultaneously by everyone and from which no one can be excluded. A pure private good is one for which consumption is rival and from which consumers can be excluded. Some goods are non-excludable but are rival and some goods are non-rival but are excludable.