Economics Public Goods Questions
Excludability refers to the ability to prevent individuals who have not paid for a good or service from consuming or accessing it. In the context of public goods, excludability refers to the extent to which it is possible to exclude individuals who have not contributed to the provision of the public good from benefiting from it. Public goods are typically non-excludable, meaning that it is difficult or impossible to prevent individuals from enjoying the benefits of the good once it is provided. This is because public goods are characterized by non-rivalry, meaning that one person's consumption of the good does not diminish its availability to others. As a result, it is challenging to charge a price or restrict access to public goods, making them available to all members of society regardless of their contribution.