Market Failure

“Once a public good is produced, anyone can enjoy it, even those who did not pay for its consumption.” This statement describes which economic concept?

• An absence of private property rights

• Free-rider problem

• Government Failure

Public goods are non-rival and non- ?

Which of the following is not a public good?

• Street Lights

• The Army

• Buses

• Flood Control Systems

Which of the following defines a Quasi-Public Good?

• Semi Non Rival & Semi Non Excludable

• Non Rival & Non Excludable

• Non Excludable & Semi Non Rival

• Semi Non Excludable & Non Rival

Is public transport a public good?

• Yes

• No

Public goods cause market failure because of ?