A lighthouse that primarily benefits a single port owner is more like a
A)public good.
B)natural monopoly.
C)private good.
D)common resource.

Question

Quizplus · Accepted Answer

A private good is a good that is both rivalrous and exclusive. In this case, a lighthouse that primarily benefits a single port owner is a private good because it only benefits that one individual or organization (exclusive) and its use by one port owner may prevent another from using it (rivalrous). On the other hand, a public good is non-rivalrous and non-exclusive, whereas a natural monopoly is a market structure in which a single firm can produce at a lower cost than any potential rival. A common resource is a rivalrous but non-exclusive good.

A Lighthouse That Primarily Benefits a Single Port Owner Is