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    Xeco212 Appendix C

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    kurt_jones_4
    This document provides a table differentiating between market structures and questions about them. The table includes examples of private goods, public goods, common resources, and natural monopolies. It then asks 3 questions: 1) What is the difference between a public and private good? 2) What is a common resource? 3) What is a natural monopoly? The responses define each term and provide examples.

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    Xeco212 Appendix C

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    kurt_jones_4
    47 views2 pages
    This document provides a table differentiating between market structures and questions about them. The table includes examples of private goods, public goods, common resources, and natural monopolies. It then asks 3 questions: 1) What is the difference between a public and private good? 2) What is a common resource? 3) What is a natural monopoly? The responses define each term and provide examples.

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    This document provides a table differentiating between market structures and questions about them. The table includes examples of private goods, public goods, common resources, and natural monopolies. It then asks 3 questions: 1) What is the difference between a public and private good? 2) What is a common resource? 3) What is a natural monopoly? The responses define each term and provide examples.

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    47 views2 pages

    Xeco212 Appendix C

    Uploaded by

    kurt_jones_4
    This document provides a table differentiating between market structures and questions about them. The table includes examples of private goods, public goods, common resources, and natural monopolies. It then asks 3 questions: 1) What is the difference between a public and private good? 2) What is a common resource? 3) What is a natural monopoly? The responses define each term and provide examples.

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    Download as doc, pdf, or txt
    of 2

    Axia College Material

    Appendix C

    Differentiating Between Market Structures Table and Questions

    Fill in the matrix and describe differences in public and private goods, common
    resources, and natural monopolies. Use your book and the Tomlinson video tutorials as
    a tool to help you answer questions about market structures.

    Example Is there a rival in Is it excludable?


    consumption?

    Private Good Insurance No, this can be Yes, in order to


    used by others at have insurance you
    the same time. must pay for it.
    Public Good Learning No, everyone can No, one can learn
    learn at the same about anything and
    time. It is not everything.
    something that can
    be taken away from
    you.
    Common Resource Clean Air Yes, we all No, air is all around
    compete for clean for us to breath. It
    air to breath. is not controlled by
    an organization.
    Natural Monopoly Utilities No, because the Yes, you must pay
    cost to implement to use this service.
    or maintain are too
    great.

    1. What is the difference between a public good and a private good?

    A private good is made for profit. It is excludable and has a rival. Insurance is a
    good example of this. A public good is non-rival and non-excludable. Learning is
    a good example of this. It has no rivals and you can learn whenever you like.

    xeco212r1
    2. What is a common resource?

    Goods that are rival in consumption but not excludable. Clean air is a common
    resource. This is a common resource because we are entitled to use it. We
    compete for clean air because it is unlimited and polluted by factories and other
    things.

    3. What is a natural monopoly?

    A monopoly that arises because a single firm can supply a good or service to an
    entire market at a smaller cost than could two or more firms. Utilities companies
    are good examples. In order to get your water or electricity you must pay for it
    from them.

    xeco212r1

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