17 Dec 2021
Problem 21
Page 316
Section: CRITICAL THINKING QUESTIONS
Chapter 13: Positive Externalities and Public Goods
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17 Dec 2021
Introduction
Goods/services that are classified as private goods/services even though they are provided by a federal government can be called quasi-public goods. Partially excludability, partially rivalry, partially diminishability, and partially reject ability are features of quasi-public commodities, which are shared by both private and public goods. Streets, bridges, and railroads are examples. Marketplace for such items are regarded inadequate, and its absence will be regarded ineffective and a market imperfection if they were not provided by market economics.
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