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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

Public goods are

a. efficiently provided by market forces.

b. underprovided in the absence of government.

c. overused in the absence of government.

d. a type of natural monopoly.

To determine
Characteristic of a public good.

Explanation

Option (b)

Public goods are provided by the government based on their decision about the quantity of each good on cost-benefit analysis.Thus, option ‘b’ is correct.

Option (a)

Since public goods are free of charge, market would fail to provide an efficient outcome. So option ‘a’ is incorrect...

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