# 5. Common Resources versus Private Goods**Spring is here, and Gilberto and his uncle would like to go fishing for the weekend in New Hampshire. Gilberto could either go to the river 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 kept (that is, there is no "catch and release" policy).**### Diagram ExplanationThe image contains two illustrations:1. On the left, there are several people fishing on a river, which is accessible to the public.2. On the right, there is a private pond with a "Private Property" sign, indicating restricted access.### Interactive Questions**The fish in the river are considered** - [Drop-down: Common resources / Private goods] - and - [Drop-down: Public goods / Excludable goods] **whereas the fish in the private pond are** - [Drop-down: Private goods / Public goods] - and - [Drop-down: Excludable goods / Non-excludable goods]. **In other words, the fish in the river are an example of**- [Drop-down: Common resources / Private goods], - and the fish in the private pond are an example of - [Drop-down: Private goods / Common resources]. **Fishing in the river will likely lead to**- [Drop-down: Overfishing / Limited fishing] - because of which of the following reasons?- ○ Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river.- ○ Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.- ○ All fishermen will choose to fish in the river because of the limited access to the pond.- ○ All fishermen will choose to fish in the pond believing that there are more fish there.

Excludable: When it is possible for the owner of the property or a user of goods to prevent the use…

5. Common resources versus private goods Spring is here, and Gilberto and his unde would like to go fishing for the weekend in New Hampshire. Gilberto could either go to the river in town where anyone can fish without a permit, or he could drive up to a pond located on his PRIVATE PROPERTY 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). The fish in the river are considered and whereas the fish in the private pond are . In other words, the fish in the river are an example of and and the fish in the private pond are an example of Fishing in the river will likely lead to because of which of the following reasons?

5. Common resources versus private goods Spring is here, and Gilberto and his unde would like to go fishing for the weekend in New Hampshire. Gilberto could either go to the river in town where anyone can fish without a permit, or he could drive up to a pond located on his PRIVATE PROPERTY 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). The fish in the river are considered and whereas the fish in the private pond are . In other words, the fish in the river are an example of and and the fish in the private pond are an example of Fishing in the river will likely lead to because of which of the following reasons?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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