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Difference between a public good and a private good

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Reference no: EM131065908

Problem:

Answer the following questions regarding public and private goods:

  1. What is the difference between a public good and a private good? What are the principal characteristics of each?
  2. What are the two characteristics of public goods? Why is there a free rider problem when it comes to public goods?
  3. Do you consider your local police force a public good or a private good? Why?
  4. How about your local cable TV service? Explain your answer.

Reference no: EM131065908

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