Public goods, such as lighthouses and highways, are produced and sold easily in small units and are not subject to the principle of rival consumption.

Question

Quizplus · Accepted Answer

Public goods are characterized by non-rival consumption (one person's use does not reduce availability to others) and non-excludability (it is difficult to exclude non-payers from using the good), making them challenging to produce and sell in small units through the market.

Public Goods, Such as Lighthouses and Highways, Are Produced and Sold