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In: Economics

Which of the following statements best describes a common resource? Select one: a. A resource that...

Which of the following statements best describes a common resource?

Select one: a. A resource that we cannot stop people from using, and when it is used, its benefit available to others is reduced. b. A resource that is non-excludable but rival. c. A resource that is typically characterised by overuse. d. A resource that would not have occurred were the property rights well defined. e. All of the above

Solutions

Expert Solution

e

A common resource for instance fishing in the ocean.

One cannot be excluded from fishing but one fishing reduces the catch of another hence due to ill-defined property rights leads to overuse which is the tragedy of commons.

Rahul Sunny answered 2 years ago
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