Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134004983
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 16, Problem 12APA
To determine
The classification of goodsas public goods, private goods, a natural
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Is the following good a private good, a public good, a common resource, or a club good? Explain why the good is rival or non-rival and excludable or non-excludable.
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Explain how technology has made this good non-rival in consumption or non-excludable.
Is there a free rider problem with the good you mentioned?
How can the free rider problem be addressed in this example?
Which of the following best matches the definition of a public good?
The public libray
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Chapter 16 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
Ch. 16.1 - Prob. 1RQCh. 16.1 - Prob. 2RQCh. 16.1 - Prob. 3RQCh. 16.1 - Prob. 4RQCh. 16.2 - Prob. 1RQCh. 16.2 - Prob. 2RQCh. 16.2 - Prob. 3RQCh. 16.2 - Prob. 4RQCh. 16.3 - Prob. 1RQCh. 16.3 - Prob. 2RQ
Ch. 16.3 - Prob. 3RQCh. 16.3 - Prob. 4RQCh. 16.3 - Prob. 5RQCh. 16 - Prob. 1SPACh. 16 - Prob. 2SPACh. 16 - Prob. 3SPACh. 16 - Prob. 4SPACh. 16 - Prob. 5SPACh. 16 - Prob. 6SPACh. 16 - Prob. 7SPACh. 16 - Prob. 8SPACh. 16 - Prob. 9SPACh. 16 - Prob. 10SPACh. 16 - Prob. 11APACh. 16 - Prob. 12APACh. 16 - Prob. 13APACh. 16 - Prob. 14APACh. 16 - Prob. 15APACh. 16 - Prob. 16APACh. 16 - Prob. 17APACh. 16 - Prob. 18APACh. 16 - Prob. 19APACh. 16 - Prob. 20APACh. 16 - Prob. 21APACh. 16 - Prob. 22APACh. 16 - Prob. 23APACh. 16 - Prob. 24APA
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- Which of the following is the best example of a public good? Group of answer choices AT&T mobile phone service Yosemite National Park Google Maps the post officearrow_forwardIdentify a newspaper article that illustrates a market failure in Barbados. Ensure that you provide a screenshot of the article in your submission. NOTE: Only the following market failures should be examined: public good, asymmetric information, positive or negative externality. Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. How will the imposition of the chosen government policy impact consumersurplus, producer surplus and total surplus in this scenario?arrow_forwardWhy is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good?arrow_forward
- Which of the following represents a social benefit? Group of answer choices The satisfaction of eating a strawberry ice cream. The total revenue a company gains from developing a new vaccine. All of the positive externalities from the invention of the laser All of the positive externalities a company receives from the implementation of a new technology that decreases the cost of production.arrow_forwardWhat are externalities; and how the government can fix itarrow_forwardOne million plastic bottles being sold every minute is a pretty stark number showing why this is a problem, particularly when you add it to the fact that less than half are collected for recycling. Plastic has many desirable properties making it a ubiquitous material. Plastics create millions of products and on top of that millions of jobs. The plastic industry is a huge part of the world economy yet its efficiency and negative externalities are often overlooked. You are a student of economics and you were recentlyasked to make a virtual presentation at a conference based on the article ‘Drink Bottles’. REQUIED: 1. ‘Drink Bottles’ presents a case of market failure. Explain what is meant by market failure. Be sure to outline the sources of market failure.arrow_forward
- Which of the following is the best example of a good or service that would be considered non-rival and non-excludable? Select one: a. your breakfast Ob. a congested interstate highway c. the United States Navy d. Dr. Craig's corgi, Graciearrow_forwardMarket failure occurs when the private sector fails to distribute our resources efficiently through the pricing system. Externalities and a lack of public goods and services are two examples of market failure.Give an example of a positive and a negative externalities that someone faces in their life. Also, what are some public goods and services that you utilize in your everyday life?arrow_forwardIn response to increasing concern about man made climate change, there have been a number of policy proposals. This includes: Cap and Trade Letting the free-market deal with the issue on its own. Pick one of these proposals. Write a short argument for your policy proposal. Focus specifically on the issues related to market efficiency and externalities. How does your proposal address these issues.arrow_forward
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