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Read the following statements carefully and choose the correct alternative from the following:
Statement 1: Public goods are those goods and services that are collectively consumed by the public.
Statement 2: Public goods are excludable and rivalrous in nature.
  • a)
    Both the statements are true.
  • b)
    Both the statements are false.
  • c)
    Statement 1 is true and Statement 2 is false.
  • d)
    Statement 2 is true and Statement 1 is false.
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Read the following statements carefully and choose the correct alterna...
Public goods are those goods which are collectively consumed by the public. The given statement 1 is true. For example, air.  But the statement 2 is false as public goods are non-excludable and non-rival in nature. Taking the example of air, no one can be excluded from consuming it and also if one group of people consumes the public good, here, air then the consumption of air for other people do not fall. 
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Most Upvoted Answer
Read the following statements carefully and choose the correct alterna...
Statement 1: Public goods are those goods and services that are collectively consumed by the public.
Public goods are goods or services that are non-excludable and non-rivalrous in nature. Non-excludability means that once the good or service is provided, it is impossible to exclude anyone from using or benefiting from it. Non-rivalry means that one person's consumption of the good or service does not reduce the availability or utility of it for others.

Statement 2: Public goods are excludable and rivalrous in nature.
This statement is false. Public goods are specifically characterized by their non-excludability and non-rivalry. If a good is excludable, it means that it is possible to prevent someone from using or benefiting from it unless they pay for it. If a good is rivalrous, it means that one person's consumption of the good reduces its availability or utility for others.

Therefore, the correct alternative is Statement 1 is true and Statement 2 is false (option C). Public goods are collectively consumed by the public and are non-excludable and non-rivalrous in nature.
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Read the following statements carefully and choose the correct alternative from the following:Statement 1: Public goods are those goods and services that are collectively consumed by the public.Statement 2: Public goods are excludable and rivalrous in nature.a)Both the statements are true.b)Both the statements are false.c)Statement 1 is true and Statement 2 is false.d)Statement 2 is true and Statement 1 is false.Correct answer is option 'C'. Can you explain this answer?
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Read the following statements carefully and choose the correct alternative from the following:Statement 1: Public goods are those goods and services that are collectively consumed by the public.Statement 2: Public goods are excludable and rivalrous in nature.a)Both the statements are true.b)Both the statements are false.c)Statement 1 is true and Statement 2 is false.d)Statement 2 is true and Statement 1 is false.Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Read the following statements carefully and choose the correct alternative from the following:Statement 1: Public goods are those goods and services that are collectively consumed by the public.Statement 2: Public goods are excludable and rivalrous in nature.a)Both the statements are true.b)Both the statements are false.c)Statement 1 is true and Statement 2 is false.d)Statement 2 is true and Statement 1 is false.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following statements carefully and choose the correct alternative from the following:Statement 1: Public goods are those goods and services that are collectively consumed by the public.Statement 2: Public goods are excludable and rivalrous in nature.a)Both the statements are true.b)Both the statements are false.c)Statement 1 is true and Statement 2 is false.d)Statement 2 is true and Statement 1 is false.Correct answer is option 'C'. Can you explain this answer?.
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