BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

Solutions

Chapter
Section
BuyFindarrow_forward

Principles of Microeconomics

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

Which of the following is an example of a common resource?

a. residential housing

b. national defense

c. restaurant meals

d. fish in the ocean

To determine
Preserve the common resource.

Explanation

Option (d):

Fish in the ocean is common resource and people are not charged for using common resources so these are used excessively. Therefore government uses various methods, such as regulations and corrective taxes to limit the uses of common resources. So option 'd' is correct.

Option (a):

The residential housing is not a public good as we need to pay to avail its benefits. So option 'a' is correct.

Option (b):

National defense is the example of a public good. They protect the whole country and everyone enjoys its benefits, so it is not excludable...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What are information processing activities?

Accounting Information Systems

What is whistle-blowing? Who protects the whistle-blowers?

Foundations of Business (MindTap Course List)

What is bribery?

Accounting Information Systems

The required return on equity, rs, is the final input needed to estimate intrinsic value. For our purposes, you...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the purpose of adjusting entries?

College Accounting (Book Only): A Career Approach