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Suppose the market demand curve for a good passes through the point (quantity demanded = 100,price = $25) .If there are five buyers in the market,then
Public Good
Without profit motive, a product or service is made available to all societal members, courtesy of either governmental or private benefactors.
Nonrivalry
A characteristic of a good or service whereby its consumption by one individual does not reduce its availability for consumption by others.
Nonexcludability
The inability to keep nonpayers (free riders) from obtaining benefits from a certain good; a characteristic of a public good.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they are available to all members of society and one person's consumption does not reduce availability for others.
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