Question: Types of goods a. What is the difference between excludable and non-excludable goods? Cite examples. b. Explain the difference between rival and non-rival in consumption

Types of goods

a. What is the difference between excludable and non-excludable goods? Cite examples.

b. Explain the difference between rival and non-rival in consumption goods. Cite examples.

c. Explain why free markets can only allocate private goods (excludable and rival in consumption) efficiently.

d. How should the government decide how much of a public good to produce?

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