Answered: Why might the Fourth of July fireworks…

Why might the Fourth of July fireworks be considered a public good? Who should pay for them? What about airport security?

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter15: The Shortcomings Of Free Markets

Section: Chapter Questions

Problem 3DQ

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When people decide to buy cars, they have to decide between fuel economy and other features. It is argued that there is a "public good" issue involved in this decision. Why might that be? How the existence of public-good characteristics affect the price of the car? Include in your answer a good definition of a public good and free riders.
When people decide to buy cars, they have to decide between fuel economy and other features. It is argued that there is a "public good" issue involved in this decision. Why might that be? How the existence of public-good characteristics affect the price of the car? Include in your answer a good definition of a public good and free riders. Be complete and use the language of economics.
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