Non excludability is the idea that:Multiple Choicegovernment actions cannot remedy market failure.the presence of external costs and benefits produces a misallocation of resources.individuals cannot receive benefits from a good without paying for it.individuals who are unable or unwilling to pay for a good cannot be excluded from the benefits provided by that product.

As it relates to a public good, non excludability means that:Multiple Choicefree riders cannot be barred from receiving the benefits.there is no need or demand for the good.either the public sector or the public sector can produce the good, but not both.one person's benefit from the good does not reduce the benefit available to others.

Both public goods and common resources areGroup of answer choicesexcludable.nonrival in consumption.nonexcludable.rival in consumption.

The term inadequacy, as it relates to the useful life of an asset, refers to:Group of answer choicesAn asset that is no longer useful in producing goods and servicesThe condition where the asset's salvage value is less than its costThe insufficient capacity of a company's plant assets to meet the company's growing production demandsAn asset that is worn out

Externalities are minimized ifGroup of answer choicesthe government owns all of the productive resources.there are no private goods.private property rights are well established.there are no public goods.there are no free-riders.

If the social benefit of consuming a good or a service exceeds the private benefit,Group of answer choicesthe market achieves economic efficiency.a negative externality exists.a positive externality exists.the sum of consumer surplus and producer surplus is maximised.