. Common resources versus private goods Spring is here, and Kevin and his brothe
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. Common resources versus private goods Spring is here, and Kevin and his brother would like to go fishing for the weekend in Vermont. Kevin 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 and whereas the fish in the river are and In other words, the fish in the private stream are an example of ? , and the fish in the river are an example of Fishing in the river will likely lead to because of which of the following reasons? O Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success. O All fishermen will choose to fish in the river because of the limited access to the stream. All fishermen will choose to fish in the stream believing that there are more fish there. Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river.Explanation / Answer
Note that any private good is always rival in consumption because of ownership rights assigned to the buyer. Also they are excludable because others can be excluded from its use.
Fishes in private stream are rival in consumption and excludable whereas fishes in the river are non rival in consumption and non excludable. Hence the fishes in private stream are private goods while fishes in river are an example of common resource.
Fishes will bring in the problem of tragedy of commons because any one can fish in the river which reduces fishes available for others.
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