Question

Complete the sentences. Yellowstone National Park is​ ______. A. a natural monopoly good B. a private good C. a common resource D. a public good Upper A desk lamp is​ ______. A. excludable and rival B. a public good good C. a common resource D. a natural monopoly good

Answer 1

Answer:

The correct answers are:

1)  "B": a common resource.

2) "A": excludable and rival.

Explanation:

1) A common resource is one that provides tangible benefits. This is the type of resource that can be used by several people at the same time without excluding the availability for its use to others. If they are not owned by anyone they take the name of open-access resources.

2) A good is excludable and rival if someone can prevent the use of it and when its use necessarily implies others not using it. Under this category fall all private resources since their ownership belongs to a certain number of people only if not only one.