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.
Question 1
Public good refers to the good from whose consumption no body can be excluded and whose consumption by one does not reduce quantity to be consumed by others.
Thus, public good have non-excludable and non-rival in consumption nature.
Due to non excludable and non rival nature, private production of public good is generally less than the socially optimum quantity. This compels government to provide the public good.
Example of Public Good - Street Light
Street light is an example of public good.
Once installed, nobody can be refrained from being benefited from such street light.
Secondly, if a person is utilizing the light provided by the street light then this does not reduce the light available to others.
So, street light is a public good and due to this, it is mostly provided by the government.
1) Give an example of a public good that you consume. → Explain how it...
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...
69. Which of the following is the best example of a public good? a. Music downloads b. Designer clothes c. Natural forests d. National defense 70. A street light is a ________. a. common pool resource good b. club good c. private good d. public good 71. A congested street is ________ in consumption. a. non-excludable but rival b. non-excludable and non-rival c. excludable but non-rival d. excludable and rival 72. The free-rider problem exists for goods that are ________....
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...
A(n) is excludable and rival in consumption. artificially scarce good O private good O common resource O public good
3) When a city street is not congested, it is A) a private good. B) a public good. C) rival and excludable. D) a common resource E) rival and nonexcludable.
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.
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.
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