Distinguish among public goods, private goods, common resources, ...

[Frost2351]

Distinguish among public goods, private goods, common resources, and natural monopoly goods.
 
  What will be an ideal response?

Question 2

The rising cost of uninsured patients receiving treatment at hospital emergency rooms is one of the leading causes of the increase in health care spending as a percentage of GDP in the United States.
 
  Indicate whether the statement is true or false

[courtney_bruh]

Answer to Question 1

Public goods are nonexcludable and nonrival. As a result, anyone can consume the good whether or not he or she paid for it and one person's use of the good does not decrease the amount available for other people. Private goods are excludable and rival. As a result, only the person who pays for the good can consume it and one person's use decreases the amount available for others. Common resources are nonexcludable and rival. As a result, anyone can consume the good whether or not he or she paid for it and one person's consumption decreases the amount available for other people's consumption. Natural monopoly goods are nonrival and excludable. Potential users of the good can be excluded if they do not pay but once having paid their use of the good is nonrival.

Answer to Question 2

FALSE

[Frost2351]

Thanks for the timely response, appreciate it

[bdobbins]

YES! Correct, THANKS for helping me on my review