EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 8220100605932
Author: Blinder
Publisher: Cengage Learning US
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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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Chapter 15 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
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