(b) An art museum is a good example of a public good that is best provided through government support. (c) Public goods are a market failure because the cost of providing them cannot be measured that is, the failure is on the producer-side of the potential market for public goods.

(b) An art museum is a good example of a public good that is best provided through government support. (c) Public goods are a market failure because the cost of providing them cannot be measured that is, the failure is on the producer-side of the potential market for public goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Explian part B and C only

True or false; explain:
(a)
In a competitive market, the incidence of an excise tax ("who really pays the tax") is on
consumers, if demand is perfectly inelastic.
(b)
An art museum is a good example of a public good that is best provided through
government support.
(c)
Public goods are a market failure because the cost of providing them cannot be measured -
that is, the failure is on the producer-side of the potential market for public goods.

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