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Chapter 18 Public Goods

Chapter 18 Public Goods

Author: Matthew Lonn
Description:

Students will examine what a public good is and why markets fail to supply efficient quantities of public goods.

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Tutorial

Questions you should be able to answer after the lesson.

What are examples of public goods?

How do the  words excludable, rival in consumption and non-rival in consumption relate to public goods?

What is the free-rider problem?

What are differences and similarities between private goods, public goods, artificially scarce goods, and common resources?

Chapter 18 Notes

Milton Friedman on Market Failures