Exam 11: Public Goods and Common Resources

How does the principle of minimum differentiation relate to the free-rider problem?

The fact that Sha's enjoyment of a sunset on Saint Simon's Island does not preclude Lou from enjoying the sunset is an example of

Voters typically have information only about issues that have a perceptible effect on their well-being and tend not to have information about other issues.Behavior such as this is known as

A natural monopoly,such as the Internet,is

In the figure above,a private market will most likely produce

Which of the following represents an efficient quantity of a public good?

Which of the following goods is best described as nonexcludable?

Under what conditions will the political process provide an inefficient amount of a public good?

Suppose that satellites are publicly provided.The voters are rationally ignorant,while the Defense Ministry is well informed.Using the figure above,which of the following quantities of satellites is most likely to be provided?

The free-rider problem for a public good means that

An office in the Empire State Building is

Competition in the political marketplace can result in the efficient provision of a public good if

The marginal benefit of a public good ________ as more of the good is produced.

Which of the following describes the principle of minimum differentiation?

For a common resource,efficiency requires that the ________ equals the ________.

-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 ________.

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

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

To hunters,deer in the woods are an example of a

Which of the following goods is excludable and nonrival?