Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 15 - Public Goods and Public Choice - Exercises - 15.1 External Benefits and Public Goods - Page 352: 1.3

Answer

non-rival non-excludable

Work Step by Step

A good can be called public good if it possesses the characteristic of $\textbf{non-rivalry}$ and $\textbf{non-excludability}$. This means one person's use of the good doesn't reduce its availability to others (nonrival), and it's difficult or impossible to prevent people from accessing it (nonexcludable). Classic examples include clean air, national defense, and public parks.
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