Question

Richard owns several acres of land. The land is covered with oak trees. Richard uses the oak trees for producing lumber. However, the government has imposed some restrictions on Richard. He is allowed to cut a specific number of trees annually. If the number is exceeded, he has to pay a fine. Which type of property rights regime suits this scenario?
private property regime
public property regime
open access property regime
common property regime

Answer 1

The type of property rights regime suits this scenario is private property regime. The land is owned by richard so this is a private land already but the government will impose some rules and regulations to it for the betterment of the environment.