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Author Question: Why are climate and environmental quality considered to be public goods? What are the implications? ... (Read 82 times)

SAVANNAHHOOPER23

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on: Jun 29, 2018
Why are climate and environmental quality considered to be public goods? What are the implications?
 
  What will be an ideal response?

Question 2

Over what range of prices does a shortage arise? What happens to the price when there is a shortage?
 
  What will be an ideal response?


skipfourms123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The climate and the quality of the environment are considered public goods because no one can be excluded from consuming these goods, and one person's consumption of either good does not reduce the quantity that is available to others. This means that, because it can be costly to protect the environment, a single person or country has little incentive to do so.
A-head: ECONOMICS OF CLIMATE CHANGE
Concept: Public goods, tragedy of the commons

Answer to Question 2

A shortage arises at market prices below the equilibrium price. A shortage causes the price to rise, decreasing quantity demanded and increasing quantity supplied until the equilibrium price is attained.


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