What is a public good?
A public good is good which is non- excludable and non-rival.This means the utility one person gains from the good does not diminish the utility another person may gain from the good. (non-rival)This also means that it is almost impossible to stop any person gaining utility from the good. (non-excludable)A good example would be a flood defence.
JS
Related Economics A Level answers
All answers ▸Explain how a company would set a price if their aim was to profit maximise.
I'm unsure how to structure my essay, which way is the best?
Discuss the possible impact of supermarket monopsony power on both food suppliers and consumers?
What is the Price Elasticity of Demand?