5. 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...

Extracted text: 5. 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 pond located on his family's property PRIVATE 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).


Extracted text: rival in consumption v and whereas the fish in the private pond are The fish in the river are considered excludable rival in consumption v and excludable In other words, the fish in the river are an example of a common resource ▼ , and the fish in the private pond are an example of a private good Fishing in the river will likely lead to because of which of the following reasons? O All fishermen will choose to fish in the river because of the limited access to the pond. O Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the river. O Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success. O All fishermen will choose to fish in the pond believing that there are more fish there.