dt 6 Public goods are often under produced because (@) Corporations rarely pay their fair share (©) Most public goods have already been provided (©) Private goods already satisfy consumer needs Free riders receive benefits But avoid paying Which o the following is a feature of a PRIVATE good? (a) It is produced by the state and provided freely ) It generates significant external benefits Only individuals who pay for the good will be able to consume it (@ It suffers from the free rider problem ig/ths cuisucncreamea tone which is a form of pollution is an example of: (@) Anextemal benefit (b) A merit good ©) A public good Anexternal cost oAgivate goods are characterized by: Rivalry and excludability (b) Rivalry and non-excludability (©) Non-rivalry and non-excludability (@ Non -rivalry and excludability ie free rider problem arises because : (a) Private goods may also be public goods ) Public goods have no cost of production 8 Itis possible to consume a public good without paying for it (@) The cost of producing public goods is high x Which of the following is correet? PC=SC+EC ) PC = SC- EC (©) SC+PC=EC (d) EC-SC=PC Batch of the following would be considered a demerit good? (a) Skittles p @atcohol (©) Pavement (@) Handbag