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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- Spring '10
- Economics, Tomlinson video tutorials, Common Resource Lake, Natural Monopoly Electricity