Chapter 18 Public Goods

Chapter 18 Public Goods

Author: Matthew Lonn

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

See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

28 Sophia partners guarantee credit transfer.

263 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 25 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.


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