To classify a good as either private or public, it is sufficient to look into the following two basic characteristics of public goods: whether the good is nonexclusive and whether the good is inexhaustible. Thus, there is always a clear distinction between private and public goods.

Question

Quizplus · Accepted Answer

While non-excludability and non-rivalry (inexhaustibility) are key characteristics of public goods, the distinction between public and private goods is not always clear due to the existence of quasi-public goods and common resources, which exhibit mixed characteristics.

To Classify a Good as Either Private or Public, It