Appendix C- Differentiating between market structures

Appendix C- Differentiating between market structures -...

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Axia College Material Appendix C Differentiating Between Market Structures Table and Questions Fill in the matrix and describe differences in public and private goods, common resources, and natural monopolies. Use your book and the Tomlinson video tutorials as a tool to help you answer questions about market structures. Example Is there a rival in consumption? Is it excludable? Private Good Tacos No Yes Public Good Air No No Common Resource Lake to fish in Yes No Natural Monopoly
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Unformatted text preview: Electricity No Yes 1. What is the difference between a public good and a private good? A public good is something there is plenty of and may not cost anything. A private good can no longer be used after consumption and people have to pay for it. 2. What is a common resource? A good consisting of a natural or human made resource. 3. What is a natural monopoly? The largest supplier in the industry and doesn’t have competition. xeco212r1...
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