Public, Private And Quasi-public Goods

Question 1

Definition of a public good

Answer 1

Good or service whose consumption by one person does not exclude consumption by others. Non excludable and non rival

Question 2

Definition of non-rivalry

Answer 2

Consumption by one person does not prevent others from consuming it

Question 3

Definition of non-excludability

Answer 3

No consumer can be prevented from consuming it

Question 4

Definition of private good

Answer 4

Good or service whose consumption by one person excludes consumption by others. Excludable and rival

Question 5

Definition of rivalry

Answer 5

Consumption by one person prevents others from consuming it

Question 6

Definition of excludability

Answer 6

Consumers can be prevented from consuming it

Question 7

Definition of a free rider

Answer 7

Is when people can enjoy a good/service without paying

Question 8

What is a problem with free riding?

Answer 8

If enough people can enjoy a food without paying, in a free market, the good will be under-provided or not provided at all

Question 9

Definition of a Quasi-public good

Answer 9

Is a near-public good. It has some of the characteristics of a public good especially when it becomes rival in consumption at times of peak demand