JAMB - Economics (2023 - No. 3)
Which of the following is an example of free good?
Free education
Water in the ocean
Dinner you did not pay for
Your rented apartment
Vysvětlení
Free goods are goods whether consumer goods or productive inputs, which are useful but not scarce i.e. they are in sufficiently abundant supply that all agents can have as much of them as they wish at zero social opportunity cost e.g. air, water, by -product etc.