MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 8.1, Problem 6Q
To determine

Difficulty of government is to decide the efficient quantity of public goods to provide.

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What is a public good? What are its two defining characteristics? Provide an example.
What is the definition of public goods? Why does the private market not produce the efficient quantity of a public good?
What is an externality?  How do they affect market efficiency?  If an externality is present, where is the socially optimal point of production?  Where will the market produce if there is no government intervention?  How do we get from the private market equilibrium to the socially optimal one?

Chapter 8 Solutions

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