answersLogoWhite

0

Its a public good.

User Avatar

Wiki User

13y ago

What else can I help you with?

Continue Learning about Economics

Which is not a reason for the government to provide a good or service as a public good?

Having more consumers would increase a private providers cost.


Another word for to seize private property in order to use its profit and resourced for the public good?

Nationalize


Can private markets provide public goods?

Private markets can provide public goods when it becomes commercially beneficial for them to do so. Look at defence for an example. This area of government responsibility is increasingly being undertaken by the private sector. The requirements of something being classified as being a public good does not include it being a loss-making enterprise.


What kind of good is it. A treadmill in a fitness room that open to the public - private good - common resource - public good - monopolies natural?

It is a common resource.A good that is rival in consumption and nonexcludable is a common source. Since it is open to the public is rival in consumption since two people cannot use the bike at the same time. BUT, it is nonexcudable, since anyone is free to use the fitness room.


Why are public goods not produced by private sector producers?

Public goods are not typically produced by private sector producers because they possess two key characteristics: non-excludability and non-rivalry. Non-excludability means that once a public good is provided, it is difficult to prevent individuals from using it, leading to challenges in charging consumers directly. Non-rivalry indicates that one person's use of the good does not reduce its availability to others, making it less profitable for private companies to produce them, as they cannot easily capture revenue from all beneficiaries. Consequently, public goods are often funded and provided by the government to ensure their availability for society as a whole.

Related Questions