What Are the Two Features of a Public Good

question 15

Multiple Choice

What are the two features of a public good?

• A) nonrival and excludable
• B) nonrival and nonexcludable
• C) rival and excludable
• D) rival and nonexcludable

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Definitions:

Utility Function

A mathematical representation of a consumer's preference ranking over a set of goods or services, indicating satisfaction levels.

Units Of X

A generic term for measuring quantities of a variable or unspecified item, labeled as 'X'.

Exchanges Of X For Y

Transactions or trades where one good, service, or asset (X) is traded for another (Y).

Utility Function

An economic term describing how consumers rank different bundles of goods or levels of happiness.