5. Common resources versus private goodsSpring is here, and Brian and his grandfather would like to gofishing for the weekend in Vermont. Brian could either go tothe river in town where anyone can fish without a permit, orhe could drive up to a pond located on his family's propertyPRIVATEPROPERTYin the countryside to fish. Assume that, no matter wherepeople fish, all of the fish that are caught would be kept (thatis, there is no "catch and release" policy). rival in consumptionv andwhereas the fish in the private pond areThe fish in the river are consideredexcludablerival in consumptionv andexcludableIn other words, the fish in the river are an example of a common resource ▼, andthe fish in the private pond are an example ofa private goodFishing in the river will likely lead tobecause of which of the following reasons?O All fishermen will choose to fish in the river because of the limited access to the pond.O Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river.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 pond believing that there are more fish there.

Answers: Introduction: The river is a public good whereas the pond is a private good. Public goods…

The fish in the river are considered_ rival in consumption rival in consumption v and_ excludable the fish in the private pond are an example ofa private good and_ excludable . In other words, the fish in the river are an example of a common resource whereas the fish in the private pond are and Fishing in the river will likely lead to because of which of the following reasons? All fishermen will choose to fish in the river because of the limited access to the pond. 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 pond believing that there are more fish there.

The fish in the river are considered_ rival in consumption rival in consumption v and_ excludable the fish in the private pond are an example ofa private good and_ excludable . In other words, the fish in the river are an example of a common resource whereas the fish in the private pond are and Fishing in the river will likely lead to because of which of the following reasons? All fishermen will choose to fish in the river because of the limited access to the pond. 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 pond believing that there are more fish there.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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