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Chapter 5: Q 8 (page 120)

Many economists suggest that our nation's legal system is an example of a public good. Does the legal system satisfy the key properties of public good? Explain your reasoning.

Short Answer

Expert verified

Yes, the legal system is a public good.

Step by step solution

01

Step 1. Define Public Good.

Public goods are those which have no rivalry and can be jointly consumed by many people without any additional cost.

02

Step 2. Is the legal system a public good?

The legal system of our country is a public good. This is because it contains no rivals and can be consumed jointly by many individuals. The legal system helps all the citizens and they do not have to pay any additional cost for it.

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