Exam 11: Public Goods and Common Resources

A private good is ________ and ________.

-The table above provides information about the marginal cost and marginal benefit of streetlights,which are a public good. a.What quantity would a private company provide? Why? b.What is the efficient quantity?

Suppose the government is producing a public good.If the marginal benefit of the last unit of a public good produced is greater than the marginal cost of that unit,to achieve the efficient amount of production,what should be done?

Which of the following goods is excludable and nonrival?

The market price of an individual transferable quota is equal to the

Very few voters know the enormous cost of providing price supports to farmers.As a result,these voters most likely exhibit

A government policy that can lead to the efficient use of a common resource is

A good that is ________ and ________ is a ________.

-The table above shows the marginal social benefit of fishing in Mediterranean Sea.The marginal private cost of operating a fishing boat is the same for all producers ,$300 per hour.The marginal social cost is twice the marginal private cost.If the government sets a production quota,the profit on the last ton of fish caught is ________ per ton.

If the two political parties propose similar or identical policies,they are following the principle of

The tragedy of the commons arises because ________ exceeds ________ when the resource is used.

A common resource is used efficiently if

________ is the decision not to acquire information because the marginal cost of doing so exceeds the marginal benefit.

Fish in the ocean are an example of ________ because they are ________.

What does it mean for a good to be "nonexcludable"? Are private goods nonexcludable? Are public goods nonexcludable? Are common resources nonexcludable?

For which type of good is it necessary to sum the marginal benefit curves vertically in order to obtain the economy's marginal benefit curve?

-The table above shows the marginal social benefit of fishing in Mediterranean Sea.The marginal private cost of operating a fishing boat is the same for all producers ,$300 per hour.The marginal social cost is twice the marginal private cost.The efficient quantity of fish caught is ________ tons.