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Question One We can rank goods by two dimensions: (a) how much is the rivalry of consumption and (b) how difficult is it to exclude someone from consuming the good if that person doesnt pay for the good. We can put together four combinations of these two dimensions. (1) High rivalry of consumption; Very difficult to exclude individuals (2) Low (or no) rivalry of consumption; Very difficult to exclude individuals (3) High rivalry of consumption; very easy to exclude individuals. (4) Low (or no rivalry of consumption; very easy to exclude individuals There are four types of goods to consider (a) Private Goods. b) Public Goods (c) Collective Goods (d) Common Goods (also referred to as Common Resources) Match up each type of good with one of the four combinations. Give an example of each type of good and briefly explain why that good belongs in that particular combination. (For example, if you identify one of the four combinations as being matched up with a private good then give an example of a private good and explain why that good is a private good.)
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