Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971493
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 11, Problem 2CQQ
To determine
Rival in consumption and common resources.
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1. What kind of good is it?
Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.
Private Good
Public Good
Club Good
Common Resource
A new drone that you take turns flying with your friends
A large, beautiful fountain in a town square
A dock on a lake that is open to the public
3. Indicate whether the following are private goods,
club goods, common-resource goods, or public
goods:
a. A bacon double cheeseburger
b. An NHL hockey game between the Detroit Red
Wings and Boston Bruins
c. A Fourth of July fireworks show
d. A swimming pool
e. a vaccination for the flu
f. streetlights
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+
00
8
Determine whether the good is a private good, public good, artificially scarce good, or common resources, then explain why in terms of "excludability" and "rivalness" principles.
a. Uncongested roads with toll booths upon entry
b. Business-class seat on airplane
c. Music played in a public park
Chapter 11 Solutions
Principles of Microeconomics (MindTap Course List)
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- 2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Club Good Common Resource A large, beautiful fountain in a park A new BMW that you use to drive your friends around town A free-weight station in a fitness room that is open to the publicarrow_forwardWhat is the difference between public goods and private goods? A. Public goods are available to the collective individuals of a nation or territory; private goods can only be used or consumed by one person at a time.B. Public goods are available for everyone to consume; private goods have already been purchased.C. Public goods can only be used by one person at a time; private goods can be bought and sold multiple times. D.arrow_forwardWhich goods are sold in the markets? private goods public goods private goods and club goods private good, club goods, and common- resource goods all types of goodsarrow_forward
- What are the two essential characteristics of public goods? Choose the two characteristics that apply. A. Individuals pay for public goods as they are used. B. Some people receive greater opportunities to use public goods. C. Public goods can be used by more and more people at no additional opportunity cost and without depriving others of any of the goods or services. D. Collection systems are difficult to institute for public goods because of how people use them.arrow_forward1. What is the impact of the global-positioning anti-theft device on the following below: a. Private benefit curve b. Social benefit curve c. Private cost curvearrow_forward3. For each of the following goods or services, would you classify it as a public good, a local public or club good or congestible good, or a private good (with or without externalities)? Explain your choice. Could some of them fall in one or another category depending on the assignment of property rights? • the Supreme Court • a local magistrate’s court • the interstate highway system • college education • a beach • the stars at night viewed from outdoors • the stars viewed at a planetariumarrow_forward
- . What kind of good is it? Classify each of the following goods listed in the table below as a public good, a private good, a club good, or a common resource. Public Good Private Good Club Good Common Resource A new drone that you take turns flying with your friends A large, beautiful greenspace in a town plaza A parking spot along a residential street that is open to the publicarrow_forwardMatch the good with it's best characterization.If it is a Public good, private good, club good, or open access resource 1. Poke Bowl 2. Clean air 3. Blue fin tuna 4. Private beach 5. Over-crowded public beach 6. Uncrowded public beach 7. Open-source software (liKe Python, R, an Linux) 8. Commercial software (lIke Microsoft Word) 9. Organic, free-range chickenarrow_forward1. Give 1 example of each type of private goods, common goods, club goods, and public goods? 2. give an argument why the item is private goods or common goods or club goods or public goods?arrow_forward
- Define public and private goodsarrow_forward1. Public goods have all of the following characteristics EXCEPT: a.one person's consumption does not affect another person's consumption. b.tax dollars are used for the provision of public goods. c.firms find public goods profitable to produce because people value them. d.a free-rider problem develops with public goods. e.those who do not pay cannot be excluded from consuming the good.arrow_forwardPublic goods:a. Please explain public goods. b. Please explain their characteristics. c. Please give 2 examples of public goods, including why those examples best fit your definition.arrow_forward
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