Place the following types of goods in the correct cell in the table below: private goods,...

Place the following types of goods in the correct cell in the table below: private goods, public goods, common resources, and club goods.

	Rivalrous in consumption	non-rivalrous in consumption
excludable
Nonexcludable

Next to each item in the list below, identify the type of good it is (private good, public good, common resource, or club good) and offer a one sentence rationale for why you have identified the item as that type of good. HINT: Use the table above to assist with your rationale.

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

Expert Solution

Ans) Private goods are those which are both excludable and rivalrous in nature.

Public goods are those which are both non excludable and non rivalrous in nature.

Common resources are non excludable but rivalrous in nature.

Club goods are excludable but non rivalrous in nature.

Rahul Sunny answered 1 year ago

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