Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 11 - Part IV - Public Goods and Common Resources - Quick Check Multiple Choice - Page 229: 4

Answer

D) Fish in the ocean are a common resource

Work Step by Step

A common resource is non-excludable but rivalrous. Fish in the ocean are non-excludable, because anyone can go and fish them for private benefit. However, fish are rivalrous because there is only a limited quantity of fish in the ocean. This means that one individual’s benefit of catching a fish prevents other individuals from benefiting from that same fish.
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