A public good must be both nonexcludable and nonrivalrous in order to qualify as one. Due of these qualities, it is challenging for market companies to sell their good to individual customers.
Public goods are products or services that are beneficial to all individuals in society and are frequently offered at no cost as a result of public taxes. Private commodities, which are innately rare and are purchased independently by people, are the reverse of public goods.
The definition of a public good is one that is neither exclusive nor competitive. In other words, neither the supplier nor anyone who uses the good will be able to restrict anyone else from utilising it. Streetlights, law enforcement, and defence are a few examples.
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