Market Structures Table and Questions

Market Structures Table and Questions - keep it too...

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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 Ice Cream Cone Yes Yes Public Good A Tornado Siren No No Common Resource Fish in the ocean Yes No Natural Monopoly Fire protection No No 1. What is the difference between a public good and a private good? The difference between a private good and a public goods is that with a private good you are able to prevent someone from having it unlike a public good. Also with a private good you can
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Unformatted text preview: keep it too yourself and prevent others from having it but with a public good there is no way to prevent others from having it. 2. What is a common resource? A common resource is when something it available to everyone and one person takes one or a few that means less will be available to others who need it. 3. What is a natural monopoly? Take a fire protection in a small town it is easy to exclude someone from using this good the fire department can just let the house burn down. But once the town has paid for the fire department the additional cost of protecting one more house is small. Loretta Campbell 03/02/2011 Loretta Campbell 03/02/2011...
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Market Structures Table and Questions - keep it too...

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