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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Define and give an example of a public good. Can the private market provide the good on its own? Explain.

To determine
Public good.

Explanation

The public good is a commodity that is not excludable and also not rival in consumption. National defense is the apt example of public good. They protect the whole country and everyone enjoys its benefits, so it cannot be excluded...

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