Please help me :) (1 Viewer)

[want2beasenior]

I have a test for a Preliminary economics and I need a bit of clarification about the following. Am confused about everyday objects in particular. Would anyone be able to help me about the following are: natural monopoly, public good, private good, merit good, demerit good.

- An electricity grid
- A tennis racquet
- A prison (fairly sure this is a natural monopoly)
- An air raid siren
- An illict drug (demerit good?)
- An aeroplane (private good?)
- A pharmaceutical drug
- A seaport (merit good?)
- A private school
- A domestic airline
- A courthouse
- A public fireworks display
- A university (pretty sure public?)
- An unmbrella
- A televised sports match

Any help would be greatly appreciated, thank you!

 

[theism]

quite simple.

monopoly means when one or two (duopoly) control the industry.

public good is one used by the public
private is used by a few individuals

etc