Textbook Notes (368,528)
Canada (161,957)
Commerce (1,696)
Rita Cossa (83)
Chapter 11

Chapter 11 review.docx

2 Pages
49 Views
Unlock Document

Department
Commerce
Course
COMMERCE 1B03
Professor
Rita Cossa
Semester
Spring

Description
Chapter 11­ Public Goods Excludability: people can be prevented from using the good or service. •Example: You can’t attend a Buffalo Bills home game unless you have a ticket. Rivalry: one person’s use of the good diminishes the ability of another person to use it. •Example: I park in a free lot, taking up a space that someone else might have wanted. 1. Private Goods •These are both excludable and rival. •Example: a chocolate bar •It’s excludable: you can’t have one if no one will give or sell you one. •It’s rival: if I’m eating one, you can’t eat the same one. 2. Public Goods •These are neither excludable nor rival. •Example: fireworks displays •They aren’t excludable: you can’t keep people from looking up into the sky and enjoying them. •They aren’t rival: one person’s enjoyment of the show doesn’t take away from someone else’s enjoyment. 3. Common Resources •These are rival but not excludable. •Example: fish in the ocean •They are rival: every fish you catch means fewer fish for the next person to catch. •They are not excludable: the ocean is so big that you can’t keep someone from fishing if they really want to fish (they’ll find a spot somewhere). 4. Natural Monopoly Goods •These are excludable but not rival. •Example: cable TV •It’s excludable: you can’t get it if you don’t subscribe. •It’s not rival: your enj
More Less

Related notes for COMMERCE 1B03

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit