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What is market clearing level and public good?

Market clearing level is the price level current in the market at which consumer is willing to purchase a particular commodity from the market.

A public good is a good that, even if it is consumed by single person, is still available for consumption by others. For instance, clean air is a public good, so is national defense or public safety.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9574928

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