Question

Explain the difference between public goods and private goods. Consider why profit can be made through the supply of one type of good, but not the other.

Answer 1

Answer:

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Explanation:

The upcoming discussion will update you about the difference between public good and private good.

A pure public good is a good or service that can be consumed simultaneously by everyone and from which no one can be excluded. A pure public good is one for which consumption is non-revival and from which it is impossible to exclude a consumer. Pure public goods pose a free-rider problem. A pure private good is one for which consumption is rival and from which consumers can be excluded.

Some goods are non-excludable but are rival and some goods are non-rival but are excludable.