Common resources are goods that are and Select the correct answer below: non-excludable; rivalrous excludable; non-rivalrous excludable; rivalrous
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Q: Define the concepts of public good, non-excludable, non-rival, and tragedy of the commons.
A: Define the concepts of public good, non-excludable, non-rival, and tragedy of the commons.
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- Explain why externalities pose a problem for the utilitarian/invisible hand argument in favor of free market/laissez-faire capitalism. Be precise and thorough and use your own wordsPublic goods are:a) neither nonrival nor nonexcludable in consumption b) nonexcludable but rival in consumptionc) rival but nonexcludable in consumptiond) both nonrival and nonexcludable in consumptionAssume that radio broadcasts are nonrival and nonexcludable. Two people, Artie and Bill, listen to the same radio station during their commute. Each person values the radio station at $3$3 per day. Both Artie and Bill loathe listening to advertisements. Listening to advertisements makes Artie and Bill each worse off by $1.50$1.50 per day. The radio station needs $2$2 per day to continue operating, which it currently earns from advertisers ($2$2 per day is exactly what the airtime is worth to the advertisers). The radio station is considering asking for donations from Artie and Bill and getting rid of the advertising. Artie and Bill can choose to donate to prevent advertisements or not. If only one chooses to donate, he must donate the whole $2$2 to get rid of the ads. If both choose to donate, each pays $1.$1. Assume that both Artie and Bill are each trying to gain the most net benefit possible, and that they do not cooperate with each other. What is the socially efficient way to…
- Define externality and please make sure to include three (3) key characteristics of the effects of an externality in your answer.First option is "rival in consumption" or "non-rival in consumption" Second option is "excludable" or "non-excludable" Third option is "rival in consumption" or "non-rival in consumption" Fourth option is "excludable" or "non-excludable" Fifth option is "a private good" or " a club good" or "a common resource" or "a public good" Sixth option is "a private good" or " a club good" or "a common resource" or "a public good" Seventh option is "moral hazard" or "adverse selection" or "the Tragedy of the commons"Examples of information as facts include (select all that apply): TV program listings Stock prices Pizza recipe Protein folding instructions Map directions Examples of information as instructions include (select all that apply): TV program listings Stock prices Pizza recipe Protein folding instructions Map directions Which one of the following statements is correct? Most information goods are physically excludable. Digital rights management is one way to deal with the problem of excludability. Experience goods are best sold to those who have not experienced them yet. Most information goods are not experience goods. The value of information is defined as: Value(best decision | informed) – Value(best decision | uninformed) Value(best decision | uninformed) – Value(best decision | informed) Value(best decision | informed) – Value(worst decision | informed) Value(worst decision | uninformed) – Value(worst decision | informed) Value(best decision) - Value(worst…
- Cause and Individual Example of Market Failure with a Negative Externality In Section 1, externalities are introduced as well as market failures, where the socially optimal output is not the same as what the market produces by itself. For this discussion, your task is to: Describe a real-world negative externality. In your externality identify who are the participants in the market and who receives the spillover How are the incentives for the firm misaligned from the rest of society to make the externality?Good that are non-excludable and no-rival in nature are known as ___________.There are actually many economic / environmental theories, some now put into practice, that protect the environment for the sake of nature and our future while still being economically productive. Such a strategy is referred to as: Question 1 options: ecologically sustainable culture gesellschaft environmental lag laissez-faire capitalism When it comes to Environmental issues world governments are beginning to recognize that: (Only one answer is true when you complete this sentence) Question 2 options: certain environmental issues such as global warming, deforestation, and overpopulation require regional, if not global, cooperation and dialogue. that someday, somewhere in the world, we will begin to experience serious food and water shortages. the the developing 3rd World countries will have to play a far more important role in world…
- That the free flow of goods and capital creates economies of scale is not necessarily a good thing. Economies of scale encourage increased production which can lead to significant externalities, like pollution. Please provide a counter argument for the above statementIn a perfectly competitive market, the efficient quantity of a good will be produced when the good is: rival in consumption and nonexcludable. rival in consumption and excludable. nonrival in consumption and excludable. nonrival in consumption and nonexcludable.Which of the following statements is consistent with Charles Tiebout’s concept of competition by individuals voting with their feet? Group of answer choices Individuals elect the politicians that promise to provide them with the desired level of public goods. Individuals move to the community that provides them with the desired level of public goods. Individuals are herd-like and prefer the same level of public goods as their neighbors. Individuals do not understand what public goods are offered in a town until they move there and try it out.
