What characteristic of public goods makes it very difficult for private firms to provide (or provide the correct amount of) the public good?   What "problem" does this characteristic lead to that generally results in the need for the government to provide the public good? Explain this "problem."

Q: Suppose a service is currently produced by perfectly competitive private firms. That good has the…

A: The perfect competition is a market condition in which there will be a very large number of buyers…

Q: Regarding the problem/article below, as a professional in economics, do you think it is necessary…

A: The markets are considered to be of utmost importance for the development and growth of the…

Q: Consider the issue of government intervention in a market economy. Please provide brief discussions…

A: Government intervention in an economy is a talk about the presence of public power which has this…

Q: Which of the following best defines a public good? Select the correct answer below: A public good is…

A: A good is nonexcludable when it is not possible to prevent people from enjoying the benefits of the…

Q: Which one of the following is a definition of a merit good? A) Services which can only be provided…

A: Part A Merit goods are those goods that are underconsumption, which means that the customer is not…

Q: The accompanying table relating to a public good provides information on the prices Young and Zorn…

A: The public goods refer to the goods that are non-excludable and non-rivalry in nature and are free…

Q: Describe and explain Samuelson’s general equilibrium model with one pure public  good and one…

A: A general equilibrium model is an economic framework that seeks to describe the interactions and…

Q: Which of the following statements is false regarding a public good? Multiple Choice…

A: "Public goods are those goods which provide benefits to all members of the society and are provided…

Q: The figure to the right illustrates the supply of fireworks and the demand for fireworks by David…

A: Public goods are characterized by two key features: non-excludability, making it challenging to…

Q: Suppose that you are on the town council, and that the town currently has Q = 11 of this public…

A: Given: 3 individuals benefit from a public good. MC of public good = $15. Three individuals named…

Q: What are the two characteristics of public goods? Explain the signifificance of each for public…

A: ANS A public good typically has 2 main characteristics they are as follows: Non-Rivalry : A good is…

Q: 1. The Government of Yokuku considers applying one of the following policies: a tax or a standard,…

A: Taxes are the compulsory payments made to the government. It is borne by both consumers and the…

Q: Suppose there are two individuals, Bob and Linda, who have demand curves for good X characterized by…

A: Private goods are the goods which are rival and excludable in nature. Rival goods are the goods to…

Q: Answer the question based on the following information for a public good. Pa and Pb are the prices…

A: Willingness to pay:Willingness to pay refers to the maximum amount of money that an individual is…

Q: Consider an economy with three consumers, each with a = 10-q. What is society's marginal benefit…

A: Marginal benefit (MB) is a concept in economics that represents the additional satisfaction or…

Q: Explain verbally and with a graph the concept of Positive Externalities. Explain all elements of the…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: 29. In the absence of government intervention (such as a tax or subsidy), what is the social loss…

A: 29. A drop in economic and social well-being induced by the introduction of a new tax is referred to…

Q: Answer this question based on the following information for a public good. Pa and Pb represent the…

A: Public good are considered as such good that are non rival and non excludable in nature. It means…

Q: What information do we need to find the optimal quantity of public goods? We may want to make the…

A: The optimal quantity of a public good occurs where the demand (marginal benefit) curve intersects…

Q: How is an efficient level of production of a public good determined? What level of the good would…

A: *Hi there as you have posted multiple questions we are solving first one with one sub part . Kindly…

Q: Answer the question based on the following information for a public good. Pa and Ph are the prices…

A: Private good refers to those goods which are excludable and rival. Rival means consumption of one…

Q: Please explain in 75 words or more the following TRUE or FALSE questions. Answers need to be…

A: When steel manufacturing generates a negative externality, together with air pollution or depletion…

Q: What are Public Goods and Common resources? Describe in your analysis the issues that governments…

A: Public Goods:Definition: Public goods are goods that are non-excludable and non-rivalrous.…

Q: According to free-market economists: a. when capital goods are allocated by the market, they will…

A: The free-market economist believes in minimum or no intervention in the production distribution or…

Q: Public goods is an example of a so called "market imperfection". Define and describe what…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: How are the characteristics of public goods similar to/different from common pool resources? Public…

A: Both are non rival.

Q: Which of the following is an example of a public good? Group of answer choices All of the other…

A: Answer: A public good is a god that is available to everyone in society. In other words, public…

Q: Consider the following diagram which illustrates MPB, MSB and MPC of education. In this diagram, the…

A: Consider the following diagram which illustrates MPB, MSB and MPC of education. In this diagram, the…

Q: Explain the concepts given below by exemplifying them. a) Public Choice? b) Economic Efficiency? c)…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Which of the following describes a defining characteristic of a public good? Select the correct…

A: Public good is non excludabe and non rivalry.

Q: What is the efficiency condition for public goods provision?  (i.e. When this condition holds, the…

A: Public goods:Non-rivalrous: consumption by one person doesn't diminish availability for others…

Q: Which of the following is a characteristic of a public good, as defined by economists? Group of…

A: There are two types of goods in an economy.  These are :-  Public good and private good.  Public…

Q: Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay $20 for the…

A: Public good is that good which is non- rivalrous and non-excludable  in nature.It is provided by the…

Q: a. On the basis of the three individual demand schedules below, and assuming these three people are…

A: A public good is a good that is provided free of cost to all the members of the society without any…

Q: Which of the following best describes a freeway?   a) Private good   b) Common property resource…

A: The freeway is regarded as a public good but the principle of exclusion applies here. An individual…

Q: Q.2 When transactions costs are sufficiently high, it may be more efficient to supply the good…

A: The term "publicly supplied goods" refers to goods that have a high marginal cost of supplying…

Q: (a) Alpha, Beta and Gamma are consumers of a public good. The marginal benefit ($) of each unit of…

A: GIVEN     Public Good Alpha Beta Gamma 1st unit 8 10 12 2nd unit 4 8 3…

Q: What government policy would encourage private consumers to act like the external benefits were…

A: By subsidizing goods and services with spillover effects, the government can help to promote…

Q: What are the characteristics of a public good?

A: In economics aspects, the public goods allude to the services and goods that are made accessible to…

Q: Describe one function of government in the economy other than correcting externalities. Provide an…

A: An effective government promotes stability and fosters an atmosphere that is favorable for corporate…

Q: Economics Present a model of public good provision. What is the Pareto efficient quantity of the…

A: Present a model of Public Good Provision Goods that are perfectly non-rival in consumption and…

Q: Explain why each is or is not a pure public good. Where applicable, note instances where the good is…

A: A good is a pure public good if the good is nonrival and nonexcludable in nature.

Q: Assume that home ownership has been shown to produce benefits to all of society in the form of…

A: Positive externality refers to positive effect of a good on third party who is not a consumer or a…

Q: Knowledge creates positive externality; therefore, governments should intervene in the education…

A: Positive externality occurs when the consumption or production of a good causes a benefit to a third…

Q: Fill in the blanks: There is ____________ in an economy with positive externality. This problem can…

A: The objective of the question is to understand the concept of positive externality in economics and…

Q: Using Production Possibilities Curve (PPC), identify the trade-off between public and private goods.…

A: Answer -