Question: Question 2 (5 Points): A1, B3, B1 Even when public provisions of a good is selected, a choice between public and private production must be
Question 2 (5 Points): A1, B3, B1 Even when public provisions of a good is selected, a choice between public and private production must be made. A key factor in determining whether public or private production will be a more efficient is the market environment. Can you explain how the demand for public goods differ from that of private goods? If you take the concept of efficiency into consideration, what are the conditions under which the production of public goods becomes efficient? Do you think that markets have failed to achieve efficiency under COVID? Explain
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