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Market structure - Essay Example

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With reference to the Bank of America: Compare and Contrast Public Goods, Private Goods, Common Resources, and Natural Monopolies Goods differ in whether they are rival or excludable. A rival good is a good whereby one person’s consumption reduces other persons’ consumption (Mankiw 2004)…
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Market structure
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Market structure

Download file to see previous pages... These include things like the resources of the ocean (for example, fish) and the environment. Both of these resources can be impacted on by the way in which they are used thereby reducing the number of fishes or the quality of the environment. If a good is excludable but not rival it is a natural monopoly. Public goods like common resources are not excludable. They are available for the use of everyone free of charge. Common goods like private goods are rival goods because one person’s consumption reduces other persons’ consumption. Natural monopolies like private goods are excludable because persons’ can be prevented form consuming the good. According to Pashigian (1997) a natural monopoly exists when a given quantity can be produced by a single firm at the lowest cost. Bank of America is a financial institution offering financial services. Some of its financial services are non-excludable because anyone can access them. However, customers can be prevented from accessing loans if they do not qualify in terms of their ability to pay. The services that the bank provides are also non-rival because one person’s use of the service does not reduce other persons’ use of the service. It therefore means that Bank of America is not a natural monopoly because it is non excludable. Neither does the institution provide a private good because its services are non-rival. ...Download file to see next pagesRead More
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