17. A private good is both rivalry in consumption and excludable, which of the f

Question

17. A private good is both rivalry in consumption and excludable, which of the following would NOT be considered a private good? a. pizza. b. I-phone 8 c. french fries. d. a hiking trail. 18. Goods that are neither excludable nor rival in consumption would be considered public goods. Which of the following would be considered a public good? a. national park. b. TV or internet cable hiking trail. c. a bicycle. d. a boat. 19. Goods that are both non-excludable and rival in consumption would be considered common resources. Which of the following goods is a common resource? a. national defense. c a private resource. b. cable TV service. d. long leg crabs in the ocean. 20. Fire protection is a good example of a natural monopoly or club good because a. protecting one house is unlikely to reduce the protection available to others. b. it is rival in consumption. c. it is non-excludable. d. All of the above are correct. 21. A free rider is a person who reccives the benefit of a good but avoids paying for it. A free-rider problem exists for any good that i not excludable. When goods are not excludable a. the goods will not be produced since no one values them. b. the free-rider problem prevents the private market from supplying them. c. the free-rider problem encourages the private market to supply them abundantly the private market will produce the goods but will charge less for them than if they are produced as public goods.

Explanation / Answer

17. Hiking trail can't be considered as a private good. OPTION D

18. National park

19. Long leg crabs in the ocean

20. OPTION A

21. Option c

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