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The goods in Question 1 which will be provided by a private producer without the government intervention and goods without government intervention.
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Explanation of Solution
A private producer only deals with the supply of an excludable good or service and if the good is not excludable then the private producer would not be competent to charge the price for the cost of production. Therefore, in the case or situations from question 1, the private producer will not supply a public park and publicly announced information for a hurricane because these are non-excludable goods.
But the private producer would supply a cheese burrito and information from a password-protected website without government intervention because these goods are excludable.
Introduction: Excludable refers to the situation when according to people's
A public good covers both non-excludable as well as non-rival. And, a private good is excludable and rival in consumption which may prevent people from consuming when one person consumes the same good.
Chapter 76 Solutions
Krugman's Economics For The Ap® Course
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
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