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 - Page 229: 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.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.

GradeSaver will pay $15 for your literature essays
GradeSaver will pay $25 for your college application essays
GradeSaver will pay $50 for your graduate school essays – Law, Business, or Medical
GradeSaver will pay $10 for your Community Note contributions
GradeSaver will pay $500 for your Textbook Answer contributions