TAILIEUCHUNG - Ebook Foundations of microeconomics (7th edition): Part 2
(BQ) Part 1 book "Foundations of microeconomics" has contents: Public goods and common resources, markets with private information, consumer choice and demand, production and cost, perfect competition, monopoly, monopolistic competition, markets for factors of production, economic inequality. | Find more at Should America build a high-speed rail network like Europe’s? Public Goods and Common Resources When you have completed your study of this chapter, you will be able to 11 Chapter Checklist 1 Distinguish among private goods, public goods, and common resources. 2 Explain the free-rider problem and how public provision might help to overcome it and deliver an efficient quantity of public goods. 3 Explain the tragedy of the commons and review its possible solutions. MyEconLab Big Picture 265 Find more at 266 Part 4 • MARKET FAILURE AND PUBLIC POLICY MyEconLab Snapshot Classifying Goods and Resources What’s the difference between the services provided by a city police department and those provided by Brink’s, a private security firm that loads ATMs for banks? What’s the difference between fish in the Pacific Ocean and fish on East Point Seafood Company’s Seattle fish farm? What’s the difference between a live Beyonce concert and a concert on network television? What’s the difference b etween education and fast food? Each pair differs in many ways, but key is the extent to which people can be excluded from consuming them and the extent to which one person’s consumption rivals the consumption of others. Excludable Excludable A good, service, or resource is excludable if it is possible to prevent someone from enjoying its benefits. Nonexcludable A good, service, or resource is nonexcludable if it is impossible (or extremely costly) to prevent someone from enjoying its benefits. A good, service, or resource is excludable if it is possible to prevent someone from enjoying its benefits. Brink’s security services, East Point Seafood’s fish, and Taylor Swift concerts are examples. You must pay to consume them. A good, service, or resource is nonexcludable if it is impossible (or extremely costly) to prevent someone from benefiting from it. The services of the city .
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