Asked by Akeim Potter on Jun 19, 2024
Verified
Once a ________ good is produced, everyone consumes the same amount, ________ for different individuals.
A) private; but the willingness to pay will be different
B) private; and the willingness to pay will be the same
C) public; but the willingness to pay will be different
D) public; and the willingness to pay will be the same
Public Good
A public good is a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
Willingness To Pay
The maximum amount an individual is prepared to expend on a good or service, reflecting their valuation of it.
- Understand the characteristics and differences between public and private goods.
Verified Answer
KC
Kirsty CarpenterJun 25, 2024
Final Answer :
C
Explanation :
Public goods are non-excludable and non-rivalrous, meaning once they are produced, they are available for everyone to consume regardless of individual willingness to pay, which can vary among individuals.
Learning Objectives
- Understand the characteristics and differences between public and private goods.