Q. Which of the following is/are characteristics of a Public good?
1. non-excludability
2. Rival Consumption
3. Non rejectable
Select the correct answer using the code given below:
Answer: B
Notes:
Public goods are goods that can be consumed simultaneously by a large number of people without the consumption by one imposing an opportunity cost on others.
The characteristics of a public good:
- Non excludability i.e., the citizens can enjoy its benefits at no explicit financial cost.
- Non rival consumption i.e., the marginal cost of supplying this public good to an extra citizen is zero.
- Non-Rejectable i.e., collective supply for all citizens means that it cannot be rejected.
Source: NCERT XII Macro Economics

