Question

Goods or services that are provided by the government because they are not supplied or insufficiently supplied by the market are known as

Answer 1

The good produced by the government because it is inefficiently supplied by the market is known as a public good.

What is a public good?

A public good is a good that is non excludable and non-rivalrous. Public goods are usually produced by the government because they are too expensive to be produced by the market or because the market produces them inefficiently.

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