8) What kind of products are common resources and what specific problems arise because of the...

8) What kind of products are common resources and what specific problems arise because of the characteristics of these products? How is this problem fixed? (15 points)

Expert Solution

Answer - The common resources are such type of resources on which no person or the institution has the right to use or own it. It is for the common use and no cost is charged from the user for the use. It is non rivalrous.

The main problem with these goods is their excessive and over use which leads to the environmental problems and the depletion of the common resources.

The solution to this problem of the common good the assignment and defining of the private property rights to the institutions or individuals , implement the regulations to avoid the over use of resources and development of corrective action agreement.

Rahul Sunny answered 2 years ago

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