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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Why does the market fail to produce nonexcludable public goods?

To determine

Explain the reason why market fails to produce non-excludable public goods.

Explanation

A public good refers to those goods that have the characteristics of non-rivalry and non-excludability in nature. One person’s consumption should not reduce the availability for the other person. In other words, it is not possible to restrict other people from availing the goods they desire. Generally, public goods face free rider problem that is the benefit can be available without paying for it...

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