1 year ago
Microeconomics

Common property resource – Resource to which anyone has free access

 

Public good – Nonexclusive and nonrival good: The marginal cost of provision to an additional consumer is zero and people cannot be excluded from consuming it.

 

Nonrival good = Good for which the marginal cost of its provision to an additional consumer is zero.

 

Nonexclusive good – Good that people cannot be excluded from consuming, so that it is difficult or impossible to charge for its use.

 

Free Rider – Consumer or producer who does not pay for a nonexclusive good in the expectation that others will.

Bijay Satyal
Dec 1, 2021
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