Bundle: ECON MICRO, 5th + Aplia, 1 term Printed Access Card
5th Edition
ISBN: 9781337192712
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 16, Problem 1.2P
To determine
The differences among private goods, natural monopolies, open-access goods, and public goods with examples.
Concept Introduction:
Goods are categorized in many different ways. There are four types of goods which are distinguished based on rivalrousness and excludability. They are private goods, natural monopolies, open-access goods, and public goods.
Rivalrousness refers to the situation where individuals can consume goods without affecting the availability of goods to other individuals.
Excludability refers to the situation where people can be prevented from consuming the goods.
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Chapter 16 Solutions
Bundle: ECON MICRO, 5th + Aplia, 1 term Printed Access Card
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