What is the term for a good can no one be excluded from and can be consumed simultaneously by everyone?
A) a nonrival good
B) a common resource good
C) a public good
D) a natural monopoly

Question

Quizplus · Accepted Answer

The term for a good that no one can be excluded from consuming and can be consumed simultaneously by everyone is a public good. Choices A and B are incorrect because a nonrival good is a good that can be consumed by multiple people without decreasing its availability for others, but it can still be excludable, such as a private park. A common resource good, on the other hand, is a rival good that is not excludable, such as a fishing ground, where one person's use of the resource diminishes its availability for others. Choice D is incorrect, as a natural monopoly refers to a market where one firm can provide the goods or services at a lower cost than any potential competitor, giving that firm a monopoly in the market.

What Is the Term for a Good Can No One