Table of Contents:

• Title
  
• Externalities
  
• Examples of Externalities
  
• Positive Externalities
  
• Negative Externalities
  
• 5 Elements of Property Rights
  
• Private Ownership
  
• Common Ownership
  
• Where is Common Ownership Observed?
  
• State Ownership
  
• Open Access
  
• Enforcement Under Common-Law Principles
  
• Fugitive Resources--Difficult to Privatize
  
• Profit Motive and Cost-Shifting
  
• Definitions: Supply Curve, Marginal Cost
  
• Application of Marginal Analysis
  
• Hypothetical Example (Table)
  
• Diagram: Profit-maximizing Output Level
  
• Hypothetical Example, P=MC (Table)