Question

Explain the concept of merit goods and public goods with suitable examples.

Answer 1

✌❤HEYA_MATE❤✌

• Public goods are defined as products where, for any given output, consumption by additional consumers does not reduce the quantity consumed by existing consumers.
• There are very few absolutely public goods,
• but common examples include law, parks, street-lighting, defence etc.

✌❤PIYUSH_SHARMA❤✌

Answer 2

Answer:

Merit goods are the goods that are provided generally by the government to certain sections of the society. Unlike in the case of pure public goods, the merit goods are not provided to the entire society; rather they are given to certain targeted people.

hope it helps

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