Question : What is a public good?
Option 1: A good that is available to everyone
Option 2: A good that is available only to the wealthy
Option 3: A good that is available only to the poor
Option 4: A good that is available only to the government
Correct Answer: A good that is available to everyone
Solution : The correct answer is (a). A good that is available to everyone.
A public good is a type of good or service that is non-excludable and non-rivalrous in nature. This means that once the good is provided, it is available to all individuals, and one person's consumption of the good does not diminish its availability for others.
Public goods are typically provided by the government or public sector because they are deemed essential for the overall well-being of society and cannot be efficiently provided by the private market alone. Examples of public goods include clean air, national defense, public parks, street lighting, and basic scientific research.
Public goods are available to everyone, regardless of their income, wealth, or social status. They are considered to have universal benefits and are not restricted to specific individuals or groups.
Related Questions
Trending Articles/News
