Outdoors season is underway in Minnesota, and Maris and her childhood friends are planning a weekend fishing trip. They have the choice between fishing the lake near town where anyone is allowed to fish without a permit, or they could drive a short distance to a creek located on a family friend's property in the woods. Assume throughout the problem that all fish caught in either body of water are free for those fishing to keep. The fish in the lake are considered and the fish in the private creek are an example of Fishing in the lake will likely lead to and whereas the fish in the private creek are In other words, the fish in the lake are an example of PRIVATE PROPERTY because of which of the following reasons? All fishermen will choose to fish in the lake because of the limited access to the creek. O All fishermen will choose to fish in the creek believing that there are more fish there. O Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake. O Anyone can fish in the lake, and one person's fishing activity decreases the ability of someone else to fish with success. , and
Outdoors season is underway in Minnesota, and Maris and her childhood friends are planning a weekend fishing trip. They have the choice between fishing the lake near town where anyone is allowed to fish without a permit, or they could drive a short distance to a creek located on a family friend's property in the woods. Assume throughout the problem that all fish caught in either body of water are free for those fishing to keep. The fish in the lake are considered and the fish in the private creek are an example of Fishing in the lake will likely lead to and whereas the fish in the private creek are In other words, the fish in the lake are an example of PRIVATE PROPERTY because of which of the following reasons? All fishermen will choose to fish in the lake because of the limited access to the creek. O All fishermen will choose to fish in the creek believing that there are more fish there. O Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake. O Anyone can fish in the lake, and one person's fishing activity decreases the ability of someone else to fish with success. , and
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
First option is "rival in consumption" or "non-rival in consumption"
Second option is "excludable" or "non-excludable"
Third option is "rival in consumption" or "non-rival in consumption"
Fourth option is "excludable" or "non-excludable"
Fifth option is "a private good" or " a club good" or "a common resource" or "a public good"
Sixth option is "a private good" or " a club good" or "a common resource" or "a public good"
Seventh option is "moral hazard" or "adverse selection" or "the Tragedy of the commons"
Transcribed Image Text:Outdoors season is underway in Minnesota, and Maris and
her childhood friends are planning a weekend fishing trip.
They have the choice between fishing the lake near town
where anyone is allowed to fish without a permit, or they
could drive a short distance to a creek located on a family
friend's property in the woods. Assume throughout the
problem that all fish caught in either body of water are free
for those fishing to keep.
The fish in the lake are considered
and
the fish in the private creek are an example of
Fishing in the lake will likely lead to
and
whereas the fish in the private creek are
. In other words, the fish in the lake are an example of
PRIVATE
PROPERTY
because of which of the following reasons?
All fishermen will choose to fish in the lake because of the limited access to the creek.
O All fishermen will choose to fish in the creek believing that there are more fish there.
O 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.
I
and
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