Examples of public good.

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Answer 1

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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How are public goods different from private goods?

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Answer 2

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 3

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 4

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 5

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

Answer 6

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

Answer 7

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Answer 8

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.