Create an account
The private market may fail to provide the __________ ________ quantity of such goods with no price
For public goods and common resources, ________ arise because something of value has no price attached to it.
Public goods are difficult for private markets to provide because of the ___-____ ______
If good is not excludable, people have incentive to be free riders, because firms cannot prevent non-payers from consuming the good.
Result: The good is ___ ______, even if buyers collectively value the good higher than the cost of providing it.
If the benefit of a public good ______ the cost of providing it, government should provide the good and pay for it with a tax on people who benefit
Cost-benefit analyses are imprecise, so the ______ ______ of public goods is more difficult than that of private goods
important public goods
§Knowledge created through basic research
Public goods tend to be ____-_______, while common resources tend to be ___-_____
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