Question 1
Once a public good is produced, everyone
◦ can consume a different amount depending on their willingness to buy the good.
◦ consumes the same amount and everyone's willingness to pay is the same.
◦ consumes the same amount, but the willingness to pay will be different for different individuals.
◦ can consume a different amount and pay different prices for the product.
Question 2
When it comes to public goods, it is important to remember
◦ that government intervention necessarily solves the market failure.
◦ only one level of output can be realized, and consumers are willing to pay different amounts for that level.
◦ the free rider problem is difficult to overcome, but the drop-in-the-bucket problem is not.
◦ all goods provided by the government are public goods.
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