ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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national parks
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highways
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city libraries
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shopping malls
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Detailed explanation-1: -Answer and Explanation: The answer is c. Telephones.
Detailed explanation-2: -Examples of public goods are education, infrastructure, lighthouses, flood control systems, knowledge, fresh air, national security, official statistics, etc.
Detailed explanation-3: -An example of a public good is: national defense. An economist would be most likely to argue that U.S. national defense should be funded through tax revenues because: individuals who refuse to contribute to a national defense fund cannot be excluded from benefiting from national defense.
Detailed explanation-4: -Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services. The output of a business can lie somewhere between these two concepts. For example, a landscaping company could sell a homeowner a tree (goods) and also mow the lawn (a service).