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Unformatted text preview: Someone can be prevented from using a private good. Also, one persons use of that good hinders another persons use of that good. You can stop someone from eating a piece of pizza and by eating the piece of pizza no one else can eat it. 2. What is a common resource? You cannot stop someone from using a common resource, however someones use of a common resource hinders another persons use. People cannot be stopped from using water, however if one person uses water that means there is less for everyone else. 3. What is a natural monopoly? xeco212r1 A natural monopoly means that the item can be prevented from use. However, one persons use does not hinder the item. People can be prevented from getting an education (such as not being able to pay for it). However, one persons use of education does not hinder another persons use. xeco212r1...
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This note was uploaded on 04/07/2012 for the course XECO 212 taught by Professor Johnjohnsonton during the Spring '12 term at American Jewish University.
- Spring '12