A public good can be best defined as one that:
A)has no externality associated with its production or consumption.
B)entails rising costs of production.
C)yields widespread benefits which cannot readily be denied to the public at large.
D)yields benefits only to individuals who decide to buy it.

Question

Quizplus · Accepted Answer

A public good is a good that yields widespread benefits and cannot readily be denied to the public at large. This means that once the good is provided, everyone can enjoy its benefits without exclusion or rivalry. Examples of public goods include clean air, national defense, and public parks. Public goods are also non-excludable and non-rivalrous, which means that the benefits of the good cannot be restricted to one person and the consumption of the good by one person does not diminish its availability to others.

A Public Good Can Be Best Defined as One That