A good that is nonrival and nonexcludable is defined as a ________ good.

Question

Quizplus · Accepted Answer

A good that is nonrival (use by one person does not reduce the amount available for use by others) and nonexcludable (it is impossible, or at least extremely costly, to prevent someone from using the good) is a public good. Examples of public goods include national defense and street lighting. Because it is difficult to charge people for the use of public goods, markets often fail to provide these goods in efficient quantities, and government intervention may be necessary to ensure their provision.

A Good That Is Nonrival and Nonexcludable Is Defined as a ________