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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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Explain why both the PES and PED tend to be inelastic in the short run for primary goods. PED deals with (primarily) the ability and propensity of consumers to switch to other
cars:0,2,4,6,8 tow truck:30,27,21,12,0
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