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Unformatted text preview: D. Natural Monopoly 1. Excludable a. Fire protection can exclude someone from protection 2. Not Rival in Consumption a. There is no additional cost for the fire company to protect one house because the fire company is already paid E. Free Rider- a person who receives the benefits of a good but avoids paying for it F. Cost- Benefit Analysis 1. A study that compares the cost and benefits to society of providing a public good 2. Estimate the total cost of constructing a project G. Tragedy of the Commons- Parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole...
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This note was uploaded on 09/18/2011 for the course SAS 101 taught by Professor Unsure during the Spring '11 term at Rutgers.
- Spring '11