Public Goods: (Definition, Characteristics & 5 Examples)

A public good is a good where no individual can be excluded from benefiting from it. For example, traffic lights are used by everyone and cannot be excluded..
A public good is a good whereby no individual can be excluded from benefiting from it. In other words, everyone can benefit from its use. This could come in the form of a government-provided public good such as education, or a natural public good such as air.

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Solved Suppose the market for a public good consists of

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