Explain why government-funded college education can be considered a role of the government.

What will be an ideal response?

An externality is a cost or benefit of a market activity borne by a third party. The students who attend school benefit directly from the education they receive, but there are other beneficiaries as well. University research benefits a much broader community. The values and knowledge students acquire may also be shared with family, friends, and coworkers. College graduates are more likely to participate in their communities.