Use the following to answer question(s) : Correcting for Market Failure: A Public Good
-(Exhibit: Correcting for Market Failure: A Public Good) A private market produces R units of output of a public good.If the government intervenes to correct for market failure to provide the efficient level of a public good, the additional total cost is:
Definitions:
Marginal Product
The additional output resulting from using one more unit of a particular input, holding other inputs constant.
Total Revenue
The total amount of money a company receives from its sales of goods or services, calculated before any expenses are subtracted.
Total Output
The total quantity of goods and services produced in an economy over a specific period of time.
Total Cost
The sum of fixed and variable costs incurred by a business in the production of goods or services.
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