Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 15, Problem 1DQ
To determine
Examples of public good.
Expert Solution & Answer
Explanation of Solution
A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.
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Students have asked these similar questions
Distinguish between Public Goods and Private Goods. Give examples.
How are public goods different from private goods?
Define public and private goods
Chapter 15 Solutions
Economics: Principles & Policy
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