1. Common resources versus private goods go fishing for the weekend in Washingto
ID: 1159966 • Letter: 1
Question
1. Common resources versus private goods go fishing for the weekend in Washington. Lorenzo could either go to the lake in town where anyone can fish without a permit, or he could drive up to a pond located on his family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be PRIVATE PROPERTY The fish in the lake are considered and whereas the fish in the private pond are and .In other words, the fish in the lake are an example of ? , and Fishing in the lake will likely lead to All fishermen will choose to fish in the lake because of the limited access to the pond Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake. Anyone can fish in the lake, and one person's fishing activity decreases the ability of someone else to fish with success. All fishermen will choose to fish in the pond believing that there are more fish there.Explanation / Answer
1) The fish in the lake are rival and non excludable whereas fish in a pond is rival and excludable.
Thus fish in a lake is semi public good or common resource good and fish in a pond is private good.
Ans is C. Anybdy acn fish in a lake leading to excess use of lake and no pay for maintenance of lake.
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