Question

In: Economics

Below are nine concepts, 1-9, and nine definitions, A-I. Match each definition to its concept by...

Below are nine concepts, 1-9, and nine definitions, A-I. Match each definition to its concept by writing the correct letter in the extreme left-hand margin.

____ 1. Nonexcludable

____ 2. Nonrival

____ 3. Private good

____ 4. Public good

____ 5. Free rider

____ 6. Forced rider

____ 7. Club good

____ 8. Common resources

____ 9. Tragedy of the commons

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A Goods that are nonexcludable but rival

B Someone who enjoys the benefits of a public good without paying a share of the costs

C The tendency of any resource that is unowned and hence nonexcludable to be overused and undermaintained

D A good that is excludable but nonrival

E Someone who pays a share of the costs of a public good but who does not enjoy the benefits

F A good that is excludable and rival

G A good that is nonexcludable and nonrival

H A good exhibits this characteristic if people who don’t pay cannot be easily prevented from using the good

I A good exhibits this characteristic if one person’s use of the good does not reduce the ability of another person to use the same good

Expert Solution

A Goods that are nonexcludable but rival - 8. Common resource

B Someone who enjoys the benefits of a public good without paying a share of the costs - 5. Free rider

C The tendency of any resource that is unowned and hence nonexcludable to be overused and undermaintained - 9. Tragedy of the commons

D A good that is excludable but nonrival - 7. Club good

E Someone who pays a share of the costs of a public good but who does not enjoy the benefits - 6. Forced rider

F A good that is excludable and rival - 3. Private good

G A good that is nonexcludable and nonrival - 4. Public good

H A good exhibits this characteristic if people who don’t pay cannot be easily prevented from using the good - 1. Nonexcludable

I A good exhibits this characteristic if one person’s use of the good does not reduce the ability of another person to use the same good - 2. Non-rival

Rahul Sunny answered 1 year ago

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