Question

A good that is available for everyone to consume, regardless of who pays and who doesn't, is called a

a) Public Good
b) Common Resource
c) Private Good
d) Club Good

Answer 1

A good that is available for everyone to consume, regardless of who pays and who doesn't, is called a Public Good. Public goods have two defining characteristics: they are nonexcludable and non-rival.

Step-by-step explanation:

A good that is available for everyone to consume, regardless of who pays and who doesn't, is called a Public Good. Public goods have two defining characteristics: they are nonexcludable and non-rival. Nonexcludable means that it is costly or impossible to exclude someone from using the good. Non-rival means that when one person uses the good, it does not prevent others from using it.