Unlike a private good, a public good Group of answer choices has no opportunity costs. is characterized by rivalry and excludability. has benefits available to all, including nonpayers. produces no positive or negative externalities.

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

Generally, there are two (2) main types of product (good) and these includes;

I. Private goods.

II. Public goods.

A public good such as power utility (electricity) or water supply is capable of being provided simultaneously to the general public.

Furthermore, a public good is non-excludable and cannot be exhausted due to its use by the general public i.e it's never depleted.

Hence, unlike a private good, a public good has benefits available to all of the population, including nonpayers who might just be window shopping.