A commodity or service whose consumption by one person does not preclude others from also consuming it is called a
A) private good.
B) public good.
C) Giffen Good.
D) Coase Good.

Question

Quizplus · Accepted Answer

A public good is a commodity or service that is non-excludable (meaning that individuals cannot be effectively excluded from its use) and non-rivalrous (meaning that use by one individual does not reduce availability to others). This means that consumption by one person does not preclude others from also consuming it. Private goods, on the other hand, are both excludable and rivalrous, meaning that consumption by one person does preclude others from consuming it. Giffen goods and Coase goods are not relevant to this definition.

A Commodity or Service Whose Consumption by One Person Does