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1 only
1 and 2 only
3 only
1 and 3 only
Statement 1st is incorrect: Public goods cannot be provided through a market mechanism as they are non-excludable and non-rivalrous in nature. Since it is not possible to exclude anyone from using the good, it is not possible to charge a price for it and thus must be provided by the government. This is known as the “allocation function” of the government.
Statement 2 is incorrect: Public goods such as roads, public parks, highways, railways are for the benefit of all. The consumption of such goods by several individuals is not “rivalrous” in the sense that a person can enjoy the benefits without reducing their availability to others.
Statement 3 is correct: In case of private goods if one does not pay then one can be excluded from enjoying its benefits. However, in case of public goods there is no feasible way of excluding anyone from enjoying its benefits. Thus, non-payers cannot be excluded.
Hence option 3rd is correct.
By: Abhishek Sharma ProfileResourcesReport error
Mehak Sharma
please re-check the answer to this question
Corrected
Tarunit Singh
As mentioned in answer below 3 statement is correct so answer must be D
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