Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Distinguish between Public Goods and Private Goods. Give examples.
Compare and contrast private and public goods. Give an example for each kind of good.
How are public goods different from private goods?
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- Just answer true or false 1. Mining has negative externalities 2. The social cost of putting up a dam is reduced if the government ensures that the communities adversely affected are relocated in another area with sustainable sources of livelihood 3. Fireworks display during Christmas sponsored by an agency has both positive and negative externalities. 4. When a public space has been enclosed for a concert and people can only get in by buying tickets, the public space is no longer a public good that is non-rival and non-exclusive.arrow_forwardDetermine 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 SUV that you use to drive your friends around townarrow_forwardExplain the challenges of a business trying to sell a public and private goodsarrow_forward
- Explain the difference between pure public goods and pure private goods.arrow_forwardWhat is the definition of public goods? Why does the private market not produce the efficient quantity of a public good?arrow_forwardDetermine whether the good is a private good, public good, artificially scarce good, or common resources, then explain why in terms of "excludability" and "rivalness" principles. a. Uncongested roads with toll booths upon entry b. Business-class seat on airplane c. Music played in a public parkarrow_forward
- What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? How about satellite TV? Explain.arrow_forwardCompare and contrast private and public goods. Explain how the characteristics of a public good lend itself to having free-riders. Give an example.arrow_forward
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