Exam 11: Public Goods and Common Resources

If no one can be excluded from receiving the benefits of a good or service and the consumption of the good or service does not decrease the amount available to someone else from consuming it, then the good

For a common resource, the marginal private benefit of the resource is

A public good

In which of the following cases does the tragedy of the commons occur? i. cattle grazing on private ranches ii. catching lobsters off the coast of Florida iii. raising salmon on salmon farms iv. using legal services provided by the courts

Lowe's starts to offer free weekend carpentry classes because Home Depot does.This decision is an example of

National defense is a ________ because ________.

One important feature that distinguishes a public good from a private good is that

If I order a pizza and invite my neighbors to eat it, the pizza is

-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.With no government intervention, the market is

A good that is both rival and excludable is

-The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource.The efficient outcome is ________.

-The table above shows the marginal benefit that arises from providing police protection in an economy of two people, Paul and Art. a∙Construct a table of the economy's marginal benefit from providing police protection. b∙What is the economy's marginal benefit from having 3 police cars on duty?

For a common resource, the marginal private cost curve ________ and the marginal social cost curve ________.

-The table above shows Anita and Steve's marginal benefits for the annual 4ᵗʰ of July fireworks show at City Park.If Anita and Steve are the only two people in the economy, what is the economy's marginal benefit from the 19ᵗʰ minute of fireworks?

To find the economy's marginal benefit curve of a public good, we

The figure above shows the marginal benefit curve (MB)and marginal cost curve (MC)of surveillance satellites that provide national defense services. -In the figure above, a private market will most likely produce

Which of the following is an example of the free-rider problem?