Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

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

Answer

D. Fish in the Ocean

Work Step by Step

Fish in the ocean are an example of a common resource. Common resources are rival but not excludable. This means that no one is excluded from going to fish in the ocean. However, if someone catches a fish there is one less fish in the ocean for others meaning it is a rival good. Common resource are prone to overexploitation.
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