Place each of the following in the correct location in the table.

Congested toll roads
Knowledge
Fish in the ocean
National defense
Congested nontoll roads
Cable TV
The environment
Fire protection
Ice-cream cones
Uncongested toll roads
Clothing
Uncongested nontoll roads

Solutions

Expert Solution

1. a) Private goods

Congested toll roads are rival and excludable in nature.

b) Public good

Knowledge is a public good because it is non-rival and non-excludable in nature.

c) Common resources

d) Public good

e) Common resource

f) Club goods

g) Public good

h) Club good

i) Private good

j) Club good

k) Public good

Rahul Sunny answered 1 year ago

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