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Unformatted text preview: Public goods are goods where it is too difficult to separate between payers and non-payers (The technical term is non-excludable) and where there are plenty of the good and so there is no reason to deny someone else use of the good (non-rivaled). A private good is the opposite of a public good. It can no longer be used after consumption and is it is easy to make people pay for the good. 2. What is a common resource? A natural resource is land and water, etc. 3. What is a natural monopoly? A natural monopoly example would be a public utility company, which has been appointed the sole provider of a good or service within a geographic area. xeco212r1 xeco212r1...
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This note was uploaded on 07/13/2011 for the course ECONOMICS 102 taught by Professor Hynes during the Spring '11 term at Kaplan University.
- Spring '11