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True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable." Illustrations include radio and television broadcasts, the services of a lighthouse, national security, and a clean environment. Private markets specially underinvest in the provision of public goods, as it's very difficult to collect revenue from their consumers. More broadly, public goods can refer to any services or goods provided by government as a result of an inability of the private sector to supply those products in acceptable quantity, quality, or accessibility.
compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.
What are markets types of markets
How dose PPC help, illustrate the basic economic problem?
Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
what do you meant by rent?
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Assignment: Externalities •Consider the following scenario: The city council has just approved the construction of a water park in your town. As city economist, you are responsible
Suppose the price of books is $15, the price of movies is $5, and your income is $75. Assuming you have a desire to reach constrained optimization, how many movies will you buy? Ho
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
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