Question

Question 11 (5 points) The Great Lakes are common resources. public goods. natural monopolies. private goods. Question 12 (5 points) A streetlight is a natural monopoly. common resource. public good. private good. Question 13 (5 points) Recause nuhlic goods are o A e a 9 B, X

Answer 1

question - 11 Resources) goods... o The areat wakes are Common public o natural monopolies, o private good. Common resources are those that no one individual on organization can loy claim to. These may include public spaces (such as parks on nature preserves), certain natural be sounces and so on. public good is a product that an individual can consume without reducing its aralability to others and of which no owner one of is deprived. Government is the public good, and it is the creation of human being A natural monopoly occurs when the most efficient number of firms in the industy one. A natural monopoly will typically have very righ fixed cost meaning that it is impractical to hove hove more mon than one firm the producing good. An example of a natural monopaly is top waten, private goods are goods and services supplied and sold through markets by private sector business, Profit maximization and exclus erist for the consumption of private good.

LLLLLL If we above Conclude observed the defination of the goods, then we can easily .. that areal wakes are common Resources. question - 12 A street light is a o Natural monopoly o common pesunees . public good] o private good The most of the street light light, is established by the government, where any one will not exclued it he/she does hot pay for that sunnice. So street light belongs to the public good. w B E S . : .. . -