Question

Which of the following statements are correct?
(a) Free goods are those goods whose supply is more than the demand.
(b) Single use goods are those goods, which are used one for all.
(c) Durable use goods can be used again and again.
(d) Public goods are those goods, which are collectively owned

Answer 1

Answer:

public goods are those goods ,which are collectively owned

Answer 2

Answer:

Statements b,c,d are correct

Explanation:

let us go over the correct options first. Single-use goods are exhausted after one usage. These goods include food, fuel, cigarettes. Durable goods aren’t easily perishable and can be used for several times.

These goods include toothbrush, clothes, etc. Public Goods include parks and law services which are available for everyone. However the case about free goods is not true. Understanding through an example, free goods include air and water, and these are commodities whose demand will never be lesser than the supply.