In economics,the term "public good" refers to a product
A)that only private producers will provide.
B)which consumers cannot be excluded from using.
C)that is produced by a publicly owned corporation.
D)that is widely advertised.
E)that has a very low marginal cost of production.

Question

Quizplus · Accepted Answer

A public good is defined as a product or service that once provided, cannot be withheld from anyone who wants to use it. This means that consumers cannot be excluded from its use. Examples of public goods include national defense, clean air and public parks. Private producers are not likely to provide public goods because they cannot charge individuals for their use.

In Economics,the Term "Public Good" Refers to a Product