s. common resources versus private goods Spring is here, and Brian and his grand
ID: 1114629 • Letter: S
Question
s. common resources versus private goods Spring is here, and Brian and his grandfather would like to go fishing for the weekend in Vermont. Brian 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 rds, the fish in the private stream are an example of , and the fish ind nonrival in consumption rival in consumption Fishing in the river will likely lead to because of which of the following reasons? O 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 riverExplanation / Answer
It has been provided that all fish that are caught will be kept.
So, fish are rival in consumption. At private property, outsiders can be excluded from fishing while at river nobody can be excluded.
Thus,
The fish in the private stream are considered rival in consumption and excludable whereas the fish in the river are rival in consumption and nonexcludable.
In other words, the fish in the private stream are an example of private good, and the fish in the river are an example of common resource.
Common resource are inflicted by Tragedy of Commons.
Fishing in the river will likely lead to The Tragedy of the Commons.
The reason for this is that anyone can fish in the river, and one person's fishing activity decreases the ability of someone elase to fish with success.
The correct answer is the option (4).
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