Question : Public goods possess which of the following features in the economy?
I. They are non-rivalrous.
II. They are non-excludable.
Option 1: Only II
Option 2: Only I
Option 3: Neither I nor II
Option 4: Both I and II
Correct Answer: Both I and II
Solution : The correct option is Both I and II .
Public goods exhibit two essential characteristics in the economy. Firstly, they are non-rivalrous, meaning that consumption or use of the good by an individual does not diminish its availability to others.
Secondly, public goods are non-excludable, implying that it is challenging to exclude individuals from benefiting once the good is provided.
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