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private goods, public goods, natural monopolies, and open-access goods

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Explain the differences between private goods, public goods, natural monopolies, and open-access goods. Provide examples of each with your explanations.

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This solution exemplifies private goods, public goods, natural monopolies, and open-access goods.

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Public vs. Private

Public goods would be something like a public park. Everyone has access to it for free, but no one person owns it. A private good would be something like a fully owned house. There is one soul owner and no one else has rights to it. The reason markets don't work for public goods is because no one is going to pay to visit your average park, so there's no room for profit, which is the driving factor in an open ...

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