Which of the following is an example of a quasi-public good?
A. Clean air
B. Education
C. National defence
D. Street lighting
Answer: Option B
Solution (By JKSSB Mock Tests)
Education is often classified as a quasi-public (or merit) good because it is partially excludable and rivalrous but generates significant positive externalities, justifying public provision.
Explanation:
Monopsony refers to a market with a single buyer. While monopsony is a market structure, the option 'Monopsony of labour only' incorrectly restricts it. Standard market structures are perfect competition, monopoly, monopolistic competition and oligopoly.
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