Common resources versus private goods
Spring is here, and Jacques and his uncle would like to go fishing for the weekend in Florida. Jacques 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).
Common resources versus private goods Spring is
The fish in the river are considered (rival in consumption/ nonrival in consumption) and (nonexcludable/ excludable) whereas the fish in the private stream are ( rival in consumption/ nonrival in consumption) and (nonexcludable/ excludable) . In other words, the fish in the river are an example of (a private good/ a club good/ a common resource/ a public good) , and the fish in the private stream are an example of (a private good/ a club good/ a common resource/ a public good). .
Fishing in the river will likely lead to (a natural monopoly/ the Tragedy of the Commons/ adverse selection) because of which of the following reasons?
a. All fishermen will choose to fish in the stream believing that there are more fish there.
b. Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river.
c. Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.
d. All fishermen will choose to fish in the river because of the limited access to the stream.
Answers: 1
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Common resources versus private goods
Spring is here, and Jacques and his uncle would like to go fi...
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