Spring is here, and Megan and her uncle would like to go fishing for the weekend in Vermont. Megan could either go to the river in town where anyone can fish without a permit, or she could drive up to a pond located on her 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 _ and _. In other words, the fish in the river are an example of _, 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?

_ 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's 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.

The correct answer is option (2) Anyone can fish in the river, and one's person's fishing activity decreases the ability of someone else to fish with success.

Explanation:

The fish in the river are considered rival in consumption and non-excludable whereas the fish in the private stream are rival in consumption and excludable.

In other words, the fish in the river are example of common resource and the fish in the private stream are an example of private good.

Fishing in the river will likely lead to the tragedy of commons because anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.

rowboatontario rowboatontario · Answer 2 · 2022-04-06T05:05:49+02:00

The Fishing in the river will likely lead to anyone can fish in river which makes it competitive, and hence the correct option is 2.

Common and Private Good

The question can be divided into two parts, one is about fill in the blanks, and second is to choose a correct option. We will go through them ony by one.

Answer 1:

A) Since there is no "Catch and release policy", and fishing in river is open to everyone. Therefore we can conclude that the Fish in the river are considered rival in Consumption, and non- excludable.

B) Whereas the fish in the private pond are Rival in Consumption and Excludable.

C) In other words the fish in the river are an example of common resource and the fish in the private stream are an example of private good.

Answer 2

D) Fishing in the river will likely lead to the tragedy of commons because:

If River is open for everyone, than everyone will try to catch more and more fish which will be a tragedy for farmers. Hence option 2 is the reason "anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success."

Learn more about Common Goods here:

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