S. Common resources versus private goods Spring is here, and 3scques and his bro
ID: 1105197 • Letter: S
Question
S. Common resources versus private goods Spring is here, and 3scques and his brother would like to go fishing for the weekend in Vermont. Jacques could ether go to the river in town where anyone can fish without a permit, Or he could e ve uptostream located on his friy's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). PRIVATE PROPERTY The fish in the rver are considered whereas the fish in the private stream are . In eeer the f sh in the river are an example of ,and the fish in the private stream are an example of Fishing in the river wila key lead because of which of the following reasons? All fishermen will choose to fish in the river because of the lmited access to the stream. Anyone can "enthe ner, ard one person's fshing activity decreases rhe abity of someone else tohh with success. to fish in the stream beleving that there are more fish there. obody will enjay ishing because of the lack of private contributions to the maintenance of the river LI 7 commandExplanation / Answer
Private good is a good which is rival and excludable in nature. Rival means consumption of good by one person decreases availability of good for the other. For example: Bread, Cloth. Exclusive means that it is possible to exclude one person from consuming it.
Common Good is a good which is rival but non-excludable. For example: Fishes in sea. Sea is a good which is non-excludable property but fishes in the sea represents rivalnous.
1) Nonexcludable
2) Rival
3) Excludable
4) Rival
5) Common Resource
6) Private good
7) The tragedy of the commons
8) Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.
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