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5 Cards in this Set
- Front
- Back
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Give two characteristics of a public good |
Non excludeable Non rivalrous |
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Private good |
Excludable Rivalrous |
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What’s a quasi public good |
Partially public partially private |
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Why might public goods suffer from complete market failure |
They are non excludable so you cannot force users to pay the costs associated with usage |
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What is the free rider problem |
Where someone who hasn’t paid for a good or service takes advantage of the fact that it is non excludable by consuming the good that other have paid for |
