1. Rival in consumption, non-rival in consumption 2. Exclusive, Non-Exclusive 3.

Question

1. Rival in consumption, non-rival in consumption

2. Exclusive, Non-Exclusive

3. Rival in consumption, non-rival in consumption

4. Exclusive, Non - Exclusive

5. Private Good, Open Access Good, Natural Monopoly Good, Public Good

6. Private Good, Open Access Good, Natural Monopoly Good, Public Good

7. Natural Monopoly, Free- Rider Program, Common Pool Problem

1. Common resources versus private goods Spring is here, and Kenji and his dad would like to go fishing for the weekend in Florida. Kenji could either go to the river in town where anyone can fish without a permit, or he could drive up to a stream 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 kept (that is, there is no "catch and release" policy). PRIVATE PROPERTY The fish in the private stream are considered rival.n onsumption and xdusiv e ? , whereas the fish in the river are considered exclusive ? . In other words, the fish in the private stream are an example of rival in consumption -pri te g ? and , , and the fish in the river are an example of an open-access good . Fishing in the river will likely lead to because of which of the following reasons? All fishermen will choose to fish in the stream believing that there are more fish there. All fishermen will choose to fish in the river because of the limited access to the stream. Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river. Anyone can fish in the nver, and as long as the marginal benefit of catching more fish exceeds the marginal cost, fishermen have little regard for the effects of their catch on the sustainability of fishing stocks.

Explanation / Answer

1. Rival in consumption

2. Exclusive

3. Rival in consumption

4. Non - Exclusive

Explanation:

Goods that are both excludable and rival in consumption are Private Goods, where as Goods that are rival in consumption but not excludable are Open Access Good

5. Private Good

6. Open Access Good

7. Common Pool Problem

Ans: Any one can fish in the river, and as long as the marginal benefit of catchinf more fish exceeds the marginal cost, fisherman have little regard for the effects of their catch on the sustainability of fishing stocks.

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