Problem DAnswer the following questions regarding public and private goods:What is the difference between a public good and a private good? What are the principal characteristics of each?What are the...

Problem DAnswer the following questions regarding public and private goods:What is the difference between a public good and a private good? What are the principal characteristics of each?What are the two characteristics of public goods? Why is there a free rider problem when it comes to public goods?Do you consider your local police force a public good or a private good? Why?How about your local cable TV service? Explain your answer.