The major distinction between private and public goods is that

Question

Quizplus · Accepted Answer

The correct distinction between private and public goods is that public goods are nonexcludable and nonrival in consumption, which means that it is difficult or impossible to prevent nonpaying customers from receiving the good, and the consumption of a unit by one person does not detract from the amount available to others. Private goods are excludable and rival in consumption, which means that access to the good can be restricted, and consumption by one person reduces the amount available to others. The production of the goods by private or public sectors is not a defining characteristic of these goods.

The Major Distinction Between Private and Public Goods Is That