« previous next »

Author Question: Why are climate and environmental quality considered to be public goods? What are the implications? ... (Read 88 times)

SAVANNAHHOOPER23

  • Hero Member
  • *****
  • Posts: 542
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

  • Sr. Member
  • ****
  • Posts: 343
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Tundra geography and climate. Tundra geography and climate.
Environmental factors restricting the distribution of Chthamalus to the upper intertidal zone. Environmental factors restricting the distribution of Chthamalus to the upper intertidal zone.
Environmental significance of dimethyl sulfide metabolism Environmental significance of dimethyl sulfide metabolism
The ability of a community to cope, adapt to, and mitigate the accelerating impact of climate change The ability of a community to cope, adapt to, and mitigate the accelerating impact of climate change
Climate Zones Climate Zones
Earth’s Climate System Earth’s Climate System
Video: Double Stranded DNA Molecule Animation

For a complete list of videos, visit our video library