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One difference between the demand for a private good and that for a public good is that

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One difference between the demand for a private good and that for a public good is that

One difference between the demand for a private good and that for a public good is that

• with a private good, each consumer chooses the quantity she wants to consume but with a public good, each consumer chooses the price she is willing to pay for a fixed quantity.

• with a private good, each consumer chooses the quantity she wants to consume but with a public good, everyone consumes the same quantity.

• with a private good, each consumer receives different amounts of benefit from consuming the product but with a public good, every consumer realizes the same amount of benefit from consuming the product.

• the marginal benefit from consuming the last unit of a public good always exceeds the marginal benefit from consuming the last unit of a private good because there are externalities in the consumption of the public good.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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More solutions for this book are available here

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Thank you, thank you, thank you!

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