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Free Rider Problem
The issue arising when individuals benefit from resources, goods, or services without paying for them, which can lead to under-provision of those goods or services.
Public Goods
Non-excludable and non-rivalrous products or services that are accessible to all members of a society, such as public parks or national defense.
Common Resources
Goods that are non-excludable and rivalrous, where usage by one person diminishes others' ability to use them, often leading to overuse.
Rival In Consumption
A characteristic of a good or service that means its use or consumption by one individual prevents simultaneous use or consumption by other individuals.
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Q36: Which of the following is NOT true