The presumption that costly new knowledge would be undersupplied by the private sector is based on the essential characteristic of new knowledge.
It is (A)_________ and (B)_______.
1
(A) Non-rivalous (B) Non-excludable
2
(A) Non-rivalous (B) Excludable
3
(A) Rivalous (B) Non-excludable
4
(A) Rivalous (B) Excludable