QUESTIONS FOR REVIEW
1. Explain what is meant by a good being excusable. Explain what is meant by a good being rival in consumption.” Is a pizza excusable? Is it rival in consumption?
2_ Define and give an example of a public good. Can the private market provide this good on its own? Explain.
3. Explain what is meant by the term free rider. Can an individual be a free rider when consuming a private good? Why or why not? ‘
4. Defme and give an example of a common resource. Without government intervention, will people use this good too much or too little? Why?