Public And Private Goods, Natural Resources and Monopolies
| Rival multiple consumers cannot consume the same good |
Non-Rival multiple consumers can consume the same good |
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| Excludable consumption can be detected and prevented by producer |
Private Goods Efficiently produced and allocated by markets
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Natural Monopoly High fixed costs, low marginal costs => inefficient competition
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| Non-Excludable consumption cannot be detected or prevented |
Natural Resources Tragedy of the commons, negative externalities => overconsumption
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Public Goods Free riders, positive externalities => underproduction
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