(a) Explain why education is not a public good. (b) Using a carefully labeled diagram explain how the introduction of free public education might lead to no change in the consumption of private education. Does this imply that there is no difference in quality between private and public education?
(a) Explain why education is not a public good. (b) Using a carefully labeled diagram explain how the introduction of free public education might lead to no change in the consumption of private education. Does this imply that there is no difference in quality between private and public education?
Chapter4: Markets In Action
Section4.3: Market Failure
Problem 1YTE
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(a) Explain why education is not a public good.
(b) Using a carefully labeled diagram explain how the introduction of free public education might lead to no change in the consumption of private education. Does this imply that there is no difference in quality between private and public education?
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