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C joint consumption possibilities and a positive

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Unformatted text preview: a by Puccini. 11. A public good has two defining characteristics: A. joint consumption possibilities and low exclusion costs. B. joint consumption possibilities and high exclusion costs. C. joint consumption possibilities and a positive externality. D. joint consumption possibilities and congestibility. 12. Knowledge is an example of A. a pure public good. B. a club good. C. an open access resource. D. None of the above. 42 13. Roads are an example of A. a pure public good. B. an impure public good. C. an open access resource. D. None of the above. 14. “Free-riding” refers to A. the low cost of providing public goods. B. the use of a public good by an agent who has not contributed to its provision. C. the under-provision of public goods by the market. D. the congestion cost imposed by one road user on other road users. 15. Private contracts are often unable to resolve the problem of externalities because of A. transaction costs. B. external costs. C. undetermined property rights. D. Both A and C....
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This document was uploaded on 03/03/2014.

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