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Public goods, Private Goods and Quasi-Public Goods
Public Goods
What are Public goods?
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What are Public goods?:
Public goods are those goods that are non
rivalrous
and non
excludable
What is meant by the term non rivalrous:
non rivalrous is when the
consumption
of the
good
does not
reduce
the amount
available
for
consumption
by
others
What is meant by the term non excludable?:
Where, once provided, it is
impossible
to
stop
other
individuals
from using them