A public good is one that once produced and provided to one person, provides benefits to: a....
Question:
A public good is one that once produced and provided to one person, provides benefits to:
a. other persons who didn't necessarily pay for it.
b. only the person who bought it.
c. only U.S. citizens.
d. no one.
Behavioral economics:
Behavioral economics attempts to study the impact of social, psychological, emotional and cultural factors on an individual's or institution's decision making process. According to this field, institutions and individuals may sometimes choose to invest on projects that do not promise returns. For example, when people decide to build a park out of peer pressure or civic pride.
Answer and Explanation: 1
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View this answerEconomics divides goods into four categories:
- Public goods
- Private goods
- Club goods
- Common goods
This categorization is based on two attributes:...
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Public Good in Economics: Definition, Theory & Examples
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Chapter 3 / Lesson 64
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Learn the definition of a public good and understand the theory of public goods. Explore the characteristics of public goods and review various examples.
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