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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the two key characteristics of public goods?

To determine

The key characteristics of public goods are to be determined.

Explanation

The public goods mean those goods which are used by all people in the society. In other words, the goods of which all people in the society take benefits and these goods are provided an non-profit making organization or by the government itself.

The two key characteristics of public goods are:

  1. Non-excludable: This feature means no one can exclude people from consuming the public goods. It is either costly or impossible to stop someone from using the goods...

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