Question: Market Failure Market Failure - End of Chapter Problem Classify each of the following goods using these terms: rival, nonrival, excludable, nonexcludable, private good, public

Market Failure

Market Failure - End of Chapter Problem Classify each of the following goods using these terms: rival, nonrival, excludable, nonexcludable, private good, public good, club good, and common resource. a. A hamburger is and it is therefore a b. A lighthouse is and it is therefore a c. Flood control is and ; it is therefore a d. A crowded public beach is and it is therefore a e. A (not overly crowded) city park is and ;it is therefore a f. Broadcast television is and it is therefore a g. Cellular telephone service is and it is therefore a h. Computer software-where there are no limits on the number of copies-is and it is therefore a

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