Exam 11: Public Goods and Common Resources

-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

How does the marginal social cost curve of a common resource compare to the marginal private cost curve of the common resource? If there is a difference,why is there a difference? If there is not a difference,why is there not a difference?

A good is nonexcludable if

A seat at an N.B.A.Finals game is a ________ good because it is ________ and excludable. A) natural monopoly; rival B) public; rival C) private; rival D) natural monopoly; nonrival E) private; nonrival

It is rational for a voter to be ignorant about an issue unless the

An example of a common resource is

As more of a public good is produced,the marginal benefit of each additional unit ________ and as more of a private good is produced,the marginal benefit of each additional unit ________.

A public good

-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 equilibrium quantity of fish caught is ________ tons.

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

A good or resource that is both nonrival and nonexcludable is

The efficient quantity of a public good can't be produced by private firms because

A good that can be consumed even if the consumer does not pay for it

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

Some resources are private and others are common.Define a common resource,explain the definition,and provide an example of a private resource and a common resource.

-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.

Why isn't national defense provided by free markets?

Public goods create a free-rider problem because

For a common resource,it is the case that

A private good is ________ and ________.