What is market clearing level and public good, Microeconomics

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What is market clearing level and public good?

Market clearing level is the price level current in the market at which consumer is willing to purchase a particular commodity from the market. 

A public good is a good that, even if it is consumed by single person, is still available for consumption by others. For instance, clean air is a public good, so is national defense or public safety. 

 


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