Public goods are distinguished by two primary characteristics.What are they?

Question

Quizplus · Accepted Answer

Public goods are goods that are non-rival and non-excludable. Non-rival means that the consumption of the good by one individual does not reduce the availability of the good for consumption by others. Non-excludable means that it is impossible or prohibitively expensive to prevent individuals from consuming the good. These characteristics make it difficult for private markets to efficiently provide public goods, as individuals have an incentive to free-ride and not pay for a good that they can consume without contributing to its provision.

Public Goods Are Distinguished by Two Primary Characteristics