19 Dec 2021
Problem 14
Page 316
Section: REVIEW QUESTIONS
Chapter 13: Positive Externalities and Public Goods
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19 Dec 2021
Introduction
A public good is one in which no person is restricted from enjoying. To put it another way, everybody can gain from it. This could be a government-provided public benefit like schooling or perhaps a naturally social commodity like oxygen.
The fact that everyone can utilize a public product is one of its most important characteristics, but this does not lessen its availability. A communal road, for example, can be used by one individual without affecting the capacity of another to utilize it.
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