2. Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource, and explain your classification. A car licence
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- 1. What is an example of a good that has become a public (or quasi-public) good due to technology? 2. Explain how technology has made this good non-rival in consumption or non-excludable. 3. Is there a free rider problem in the good you mentioned? How can the free rider problem be addressed in that example?Tell whether each of the following goods is best characterized as (1) a private good; (2) a public good; (3) an open-access resource; or (4) a club good. briefly explain (a) A video game (b) Clean water (swimmable, fishable, drinkable) (c) Landscaping at a public university (d) News website (e) An electric utility (F) National defense (g) A laptop computerK What are the obstacles to achieving an efficient allocation of resources in the market economy? The obstacles to achieving an efficient allocation of resources in the market economy include OA. taxes and subsidies, externalities, monopoly, and public goods B. rising wage rates, technological advances, falling oil prices, and changes in preferences C. rising wage rates, externalities, technological advances, and common resources D. taxes and subsidies, falling oil prices, monopoly, and changes in preferences Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
- Provide an example for each of the four goods: Private Good, Common Resource, Club Good, Public Good, categories introduced in the lecture that you personally consume. Justify your categorization of each good.7. The free rider problem refers to people whoa. will only consume a public good if it is free.b. for efficiency’s sake, should be allowed to consume public goods (such as mass transit) even if they do not pay.c. will not voluntarily pay for a public good even though they would benefit from its provision.d. are not willing to pay for a public good because they lack information about its potential benefits.1. Private goods. a. Please explain private goods. b. Please explain their characteristics. c. Please give 2 examples of private goods, including why those examples best fit your definition.
- 1. A construction company provides free first-aid and CPR training to all employees in order to save money on liability insurance. This free training might be an example of a ______ because ______. (Both the example and the explanation must be correct.) - Rival good because every time someone learns CPR, another person must forget CPR. - Source of a negative externality because employees are probably bored during the training. - Source of a positive externality because employees may go on to save the lives of others, even outside the company. 2.The Coase theorem states that interested parties will negotiate to correct externalities if two assumptions are met. What are those two assumptions? All parties agree on the value of the externality. AND Parties have mutual respect for each other. Public good because non-employees were prevented from receiving the free training. No barriers to negotiation. AND All parties agree on the value of the externality. No…Which categories of goods are rival in consumption?a. private goods and club goodsb. private goods and common resourcesc. public goods and club goodsd. public goods and common resources3. Voluntary contributions toward a public goodLarry and Raphael are considering contributing toward the creation of a public park. Each can choose whether to contribute $400 to the public park or to keep that $400 for a new suit.Since a public park is a public good, both Larry and Raphael will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.80 of benefit. For example, if both Larry and Raphael choose to contribute, then a total of $800 would be contributed to the public park. So, Larry and Raphael would each receive $640 of benefit from the public park, and their combined benefit would be $1,280. This is shown in the upper left cell of the first table.Since a new suit is a private good, if Larry chooses to spend $400 on a new suit, Larry would get $400 of benefit from the new suit and Raphael wouldn't receive any benefit from Larry's choice. If Larry still spends $400 on a new suit and…
- (a) Define public goods and common resources and give an example of each. What is the free-rider problem? Why does the free-rider problem induce the government to provide public goods? (b) How should the government decide whether to provide a public good? Why do governments try to limit the use of common resources?Define and give an example of a common resource. Without government intervention, will people use this good too much or too little? why? List and define the different kinds of goods. Give an example of each