Goods and services that cannot or will not be provided by the market because their costs are too high or their benefits too diffuse are called

Question

Quizplus · Accepted Answer

Public goods are goods and services that cannot be efficiently provided by the market because their benefits are diffused and difficult to charge for, and their costs may be too high. They are often considered to be "non-excludable" and "non-rivalrous," meaning that they are difficult to exclude anyone from enjoying and that one person's use of them does not diminish their availability to others. Natural monopolies may have high costs, but they are still provided by the market. Monopolies and externalities are not necessarily products of high costs or diffuse benefits.

Goods and Services That Cannot or Will Not Be Provided