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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

goods generally greater or less than the efficient quantity?

b. Are the externalities associated with common resources generally positive or negative? Use examples in your answer. Is the free-market use of common resources generally greater or less than the efficient use?

goods generally greater or less than the efficient quantity?

b. Are the externalities associated with common resources generally positive or negative? Use examples in your answer. Is the free-market use of common resources generally greater or less than the efficient use?

Subpart (a):

To determine
Common resources.

Explanation

Public goods have a better social value than private goods. So, when someone consumes the benefits of a public commodity, it should not reduce the availability to someone else. So, the public goods always have positive externalities...

Subpart (b):

To determine
Common resources.

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