Public goods
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4 Terms
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Example of a public good
Fireworks
2
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Non excludable
It is impossible to exclude anyone from consuming the good even if they havent paid for it
3
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Non rivalrous
One person benefiting from the good does not stop others also benefitting
4
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Public goods cause market failure
Due to the problem of missing markets
Hard to protect property rights
Note 
Flashcards (270)