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With respect to the difference between private goods and public goods, consider the following statements.
1. The benefits of public goods are available to all and are not only restricted to one particular consumer
2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits
3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public good
Which of these statements are not correct?
- a)1 Only
- b)2 Only
- c)3 Only
- d)None of the above
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
With respect to the difference between private goods and public goods...
- There are two major differences. One, the benefits of public goods are available to all and are not only restricted to one particular consumer. For example, if a person eats a chocolate or wears a shirt, these will not be available to others.
- It is said that this person’s consumption stands in relation to the consumption of others. However, if we consider a public park or measures to reduce air pollution, the benefits will be available to all.
- One person’s consumption of a good does not reduce the amount available for consumption for others and so several people can enjoy the benefits, that is, the consumption of many people is not ‘rivalrous’.
Most Upvoted Answer
With respect to the difference between private goods and public goods...
Explanation:
1. Benefits of public goods are available to all:
- This statement is correct. Public goods provide benefits that are non-excludable, meaning that once the good is provided, individuals cannot be excluded from enjoying its benefits.
2. Exclusion of individuals in private goods:
- This statement is correct. Private goods are rivalrous and excludable, meaning that individuals who do not pay for the good can be excluded from consuming or benefiting from it.
3. Consumption of a good does not reduce availability for others for public goods:
- This statement is incorrect. Public goods are non-rivalrous, meaning that one person's consumption of the good does not reduce the amount available for others.
Therefore, the correct answer is option 'D' as all the statements are explained correctly except for the third statement.
1. Benefits of public goods are available to all:
- This statement is correct. Public goods provide benefits that are non-excludable, meaning that once the good is provided, individuals cannot be excluded from enjoying its benefits.
2. Exclusion of individuals in private goods:
- This statement is correct. Private goods are rivalrous and excludable, meaning that individuals who do not pay for the good can be excluded from consuming or benefiting from it.
3. Consumption of a good does not reduce availability for others for public goods:
- This statement is incorrect. Public goods are non-rivalrous, meaning that one person's consumption of the good does not reduce the amount available for others.
Therefore, the correct answer is option 'D' as all the statements are explained correctly except for the third statement.
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With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer?
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With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer?.
With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to the difference between private goods and public goods, consider the following statements.1. The benefits of public goods are available to all and are not only restricted to one particular consumer2. In case of private goods anyone who does not pay for the goods can be excluded from enjoying its benefits3. One person’s consumption of a good does not reduce the amount available for consumption for others then it is a public goodWhich of these statements are not correct?a) 1 Onlyb) 2 Onlyc) 3 Onlyd) None of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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