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:

[A] 1 only

[B] 1 and 3 only

[C] 2 and 3 only

[D] 1, 2 and 3

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 

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