economics medium Fill in the Blank

Goods that are both non-rivalrous in consumption and non-excludable are classified as ___ goods.

  1. public
  2. Refinery Products
  3. Okun's
  4. short

Answer: public

Public goods, like national defense or street lighting, can be consumed by one person without reducing availability to others (non-rival), and no one can be effectively excluded from using them (non-excludable). Because private markets cannot easily charge users, these goods are typically provided by the government.

Topic Microeconomics - Market Failure
Exam Relevance UPSC Prelims, SSC CGL