Eco HW 2 - Haley Miller Kun Li 2:10-3:00 Eco 1 Homework 2 1...

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Haley Miller Kun Li; 2:10-3:00 Eco 1: Homework 2 1. Excludability is defined as the situation in which anyone who does not pay for a good cannot consume it. Rivalry is defined as the situation that occurs when one person’s consuming a unit of a good means no one else can consume it. Public goods are examples of goods or services that are non-excludable and non- rival. This is because these goods and services are available to all people whether they pay for them or not, and all people simultaneously use these goods or services so one person cannot “use it up”. Natural Monopolies are examples of goods or services that are excludable, but non-rival. This means that one may not use this good or service if one does not pay it, but non- rival because if one person is using one unit of a Natural Monopoly, then other people can too. Common Resources are goods or services that are non-excludable, but are rival. This means that one does not necessarily have to pay for this good or
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