Define the principle of rival consumption. A. idea that subsidies should be given to rival companies in order to encourage competition B. idea that individuals work together to attain private goods because a group can more easily attain private goods than an individual can C. idea that individuals are rivals in consuming private goods because one person’s consumption reduces the amount available for others to consume D. idea that only the strongest entities will be able to attain and consume private goods

Q: Suppose a service is currently produced by perfectly competitive private firms. That good has the…

A: The perfect competition is a market condition in which there will be a very large number of buyers…

Q: Explain how and when social norms can effectively solve problemswith public goods or common…

A: Social norms is the function in which the government or authority coordinate between people's…

Q: Suppose that there are only two fisherman, Zach and Jacob, who fish along a certain were built along…

A: The lighthouse is the public good and its benefits are not limited to the single individual who pays…

Q: The town of Musicville has two residents: Bach and Mozart. The town currently funds its free outdoor…

A: Utility function can be defined as the measure for a group of goods and services preferred by…

Q: What would happen if the government subsidized consumption of this product because it has positive…

A: If a product has positive externalities, both supply and demand are considered to be involved, which…

Q: Which of the following illustrates the concept of externalaties?       A. A hurricane destroys a…

A: An externality is the benefit or costs associated with an activity that is born by the third party…

Q: Which of the following represents a social benefit? Group of answer choices The satisfaction of…

A: Externality: - it is a cost or benefit generated for the third party by the actions of other people.

Q: Which of the following is a reason why private solutions are often ineffective at remedying…

A: Private decisions related to the production and consumption can result to inefficient allocations.…

Q: What is the "rivalry" and "excludability" of the following goods? Also, if applicable, are they…

A: A good is consumed by an individual in an economy. These goods give some utility to the consumers by…

Q: For each of these goods, state whether it is rival in consumption and excludable and explain why.…

A: In an economy, rivalry refers to the availability of a good for the people when an individual is…

Q: Consider the market illustrated in the figure to the right. Supply curve S, represents the private…

A: Consumption ExternalityConsumption externality is an external cause that occurs during the…

Q: Three roommates, Alan, Billy and Casey, are planning to spend the weekend in their dorm room…

A: In economics, a public good is a commodity or service made available to all members of a society.…

Q: 24. When a good or service is Non-Rival and Non-Excludable, it is is classified as a a) Private Good…

A: Non-rival: A good or service is non-rival in nature if consumption of this good by a person does not…

Q: Which of the following statements about externalities is correct? a. Education is the standard…

A: (H) All statements are incorrect.

Q: Draw a production possibilities curve with public goods on the vertical axis and private goods on…

A: A production possibility curve shows all different combinations of output that can be produced using…

Q: QUESTION 12 Which of the following is used to correct externalities? a. printing money b. interest…

A: The correct answer is:c. regulationRegulation is used to correct externalities. Externalities are…

Q: a. An audiobook is an example of a club good because it is and in consumption. b. In some states, it…

A: The consumed products by the households, govts and sometimes firms are called goods.Goods can be…

Q: what is one function of the government other than correcting externalities?

A: An externality refers to the impact of economic activity on parties that are not directly involved…

Q: What are “public goods”? Pick a government good/service that you consume, define what makes it a…

A: Public Goods: It refers to those goods that are generally regulated by the government for all…

Q: Which of these are Rival in Consumption but not Excludable? O Private Goods O Club Goods O Public…

A: A common good, likewise called a common property asset, is a good that is non-excludable and rival.…

Q: 7. Two towns, each with three residents, are deciding whether to put on a fireworks display to…

A: A cost-benefit analysis is a cycle used to quantify the advantages/benefits of a choice or making a…

Q: Most websites on the internet are usually becomes difficult to access, so it becomes a because they…

A: Club Goods are artificial scarce goods which are a type of public good. These are excludable but…

Q: Think of an example of a good (or service) that is a common resource (i.e., it is non-excludable and…

A: Common Resource goods are those which are non excludable and rival in consumption.

Q: When a company is granted a patent by the U.S. government, Select one: a. a piece of general…

A: Meaning of Patents: The term patent refers to an official exclusively legal authority given by the…

Q: Define a public good and, using a graph, explain the equilibrium of a pure public good.

A: Public good is non rival and non excludable.

Q: What happens to the private benefit curve and the private cost curve?

A: In this case, we have to find out two terms i.e. private benefit curve and private cost curve.…

Q: Define rivalry and excludability and use these terms to discuss to discuss four categories of goods.

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you asbper…

Q: Below, you will define the terms common resource and Tragedy of the Commons. You will also determine…

A: A common resource is a good that is rival and is not excludable. For example energy is a common…

Q: group of college students throw a party for their graduation. They decide that each of them pick a…

A: We are going to discuss the meaning and consequences of Tragedy of commons to answer this question.

Q: The free rider problem arises when a good is O both rival and non-excludable; rival O…

A: Public good refers to the good that non- excludable and non rival in consumption. Free rider problem…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

Q: Professor Paudel shows the graph for the case of negative externalities in the class. He wants the…

A: Marginal social costs can be compiled as the total sum of marginal private costs and marginal…

Q: Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The…

A: Externality is a situation where a person/economic agent is affected by the consumption of a…

Q: What are the characteristics of a public good?

A: In economics aspects, the public goods allude to the services and goods that are made accessible to…

Q: Spotify and Netflix are the services that are characterized with specific features. Based on Figure…

A: The two concepts mentioned in the illustration are related to public/private deities. Excludability…

Q: For each of the goods, identify the characteristics that describe each good. Note that each good…

A: 1.National defense:nonrivalrous and nonexcludable. It comes under government and therefore national…

Q: e?  A. the firm produces based on the private marginal benefit and private marginal cost B. the…

A: Under private equilibrium, private cost is equal to private benefit. At social optimal point, Social…

Q: What is a market-failure rationale for the government investing in transportation and…

A: A market-failure rationale for the government investing in transportation and infrastructure, for…