Identify the concept explained in the given statement:-

"There is no feasible way of excluding anyone from enjoying the benefits of the public goods"

Non-excludable

The correct answer is Option (2) → Non-excludable

Public goods are characterized by non-excludability, which means that once they are provided, it is difficult or impossible to exclude anyone from benefiting from them. This is because it is impractical to charge individuals for the use of public goods or prevent their use by non-payers.

" If you do not buy a ticket, you will not be allowed to watch a movie at a local cinema hall. However, in case of public goods, there is no feasible way of excluding anyone from enjoying the benefits of the good. That is why public goods are called non-excludable. Even if some users do not pay, it is difficult and sometimes impossible to collect fees for the public good. These nonpaying users are known as ‘free-riders’. Consumers will not voluntarily pay for what they can get for free and for which there is no exclusive title to the property being enjoyed. The link between the producer and consumer which occurs through the payment process is broken and the government must step in to provide for such goods.".