Something that must be supplied by the government because it cannot be provided by the marketplace is called ________.

Question

Quizplus · Accepted Answer

A public good is a product or service that cannot be provided by the market because it is non-excludable and non-rivalrous in nature, meaning everyone can benefit from it without reducing its availability for others. Examples include national defense, street lighting, and public parks. Since these goods cannot be provided by the market, it is the responsibility of the government to supply them.

Something That Must Be Supplied by the Government Because It