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What is the main characteristics of a public good

nonrivalry and nonexcludability.

what does nonrivalry mean

If one person's benefit from the good it does not reduce the benefit available to others

what does nonexcludability means

free riders cannot be barred from receiving the benefits

Rivalry and excludability are the main characteristics of

Private goods

what is an example of a public good

street lights in a city or the war on terrorism

What are some benefits of public goods

Public good has benefits that are available to all, regardless of payment

The market system does not produce public goods because

private firms cannot stop consumers who are unwilling to pay for such goods from benefiting from them.

What does nonexcludability mean

individuals who are unable or unwilling to pay for a good cannot be excluded from the benefits provided by that product

what is the free-rider problem

people will not voluntarily pay for something that they can obtain without paying.

what is a quasi-public good

a good for which exclusion could take place but that has such large spillover benefits that government provides it to prevent an underallocation of resources.

what is an example of a quasi-public good

public higher education