Market Structures Table and Questions

Market Structures Table and Questions - Public goods are...

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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 street lighting No it does not belong to anyone person No you can’t prevent anyone person from using it Public Good Food Once bought it belongs to that person No once bought it is yours Common Resource Land Once it is bought it belongs to you Yes the seller could choose who buys the land Natural Monopoly 1. What is the difference between a public good and a private good?
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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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