ECONOMICS
MARKET FAILURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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banking and other financial services.
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child-care services.
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computer repair services.
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fire and police services.
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Detailed explanation-1: -In economics, a public good refers to a commodity or service that is made available to all members of a society. Typically, these services are administered by governments and paid for collectively through taxation. Examples of public goods include law enforcement, national defense, and the rule of law.
Detailed explanation-2: -2. Public parks, streetlight, police protection are examples of Public goods or services.
Detailed explanation-3: -Examples of goods under-provided include merit goods and public goods. Fire service could be considered a public good. Because fire prevention and fire extinguishing services share the characteristics of public goods.
Detailed explanation-4: -The types of public goods include security, education, knowledge, infrastructure, environment and health.
Detailed explanation-5: -The government plays a significant role in providing goods such as national defence, infrastructure, education, security, and fire and environmental protection almost everywhere. These goods are often referred to as “public goods”.