public goods, private goods, common resources and club goods

public goods, private goods, common resources and club goods
a) Define public goods, private goods, common resources and club goods. Give an example of each.
(6 marks)

b) What is a negative externality in production and how will this affect the optimal price and quantity in a market? Discuss the effect with the aid of a diagram. In your analysis identify and discuss:

• The competitive market price and quantity.
• The size of the externality.
• The optimum/efficient outcome in terms of price and quantity.
• What are two examples of negative production externalities?
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