Answer the following questions:
1) Give an example of a public good that you consume.
→ Explain how it is neither excludable nor rival in consumption.
2) Give an example of a club good that you consume.
→ Explain how it is excludable but not rival in consumption.
3) Give an example of a private good that you consume.
→ Explain how it is both excludable and rival in consumption.
4) Give an example of a common resource that you consume.
→ Explain how it is rival in consumption but not excludable.
Ans:
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Answer the following questions: 1) Give an example of a public good that you consume. ...
1) Give an example of a public good that you consume. → Explain how it is neither excludable nor rival in consumption. 2) Give an example of a club good that you consume. → Explain how it is excludable but not rival in consumption. 3) Give an example of a private good that you consume. → Explain how it is both excludable and rival in consumption. 4) Give an example of a common resource that you consume....
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23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is...
2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A cabana along a beach that is open to the public A large, beautiful statue in a park A new keyboard for you to play in your friend's band Grade It Now Save & Co
Usually, the Smithsonian Museum (which is free to enter) is a good example of a public good. However, when the museum gets crowded, it is a better example of a(n): A. artificially scarce good B. excludable good C. nonrival good D. private good. E. common property resource
Question 4 (1 point) Which statement describes a public good? a) It is rival in consumption and nonexcludable. b) It is nonrival in consumption and nonexcludable. c) It is nonrival in consumption and excludable. d) It is rival in consumption and excludable.
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1. If you can prevent someone from consuming a good, that good is called A. nonrival. B. rival. C. excludable. D. a public good. E. nonexcludable. 2. To hunters, deer in the woods are an example of a A. private good. B. natural monopoly. C. public good. D. common resource. E. public resource. 3. _________ are public goods. If bureaucrats want to ensure the efficient quantity is produced, _______. A. Factories; marginal social cost must be greater than marginal cost....
IPLE CHOICE. Choose the one alternative that be 1) When a good is rival and excludable, it is a A) natural monopoly. B) public good. C) private good. D) common resource. E) regulated good.
Education is often identified as a "club" good which is defined as a good or service that is non-rival in consumption but is excludable. Assuming you agree with this description, provide answers to the following: 1. What would be the likely outcome if government decided to stop providing education and closed all public schools?