Illustrate role do property rights play in creating common

Reference no: EM1327004

Managerial Economics and Property Rights

1. What role do property rights play in creating common property resources? Why are common property resources subject to market failure due to nonexcludability?

2. What two properties characterize public goods?

3. To avoid market failure, what price must be charged for public goods? Why?

Reference no: EM1327004

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