Question

Spring is here, and Ginny and her uncle would like to go fishing for the weekend in New Hampshire. Ginny could either go to the river in town where anyone can fish without a permit, or she could drive up to a pond located on her family's 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).
The fish in the river are considered _____ and _____ whereas the fish in the private pond are _____ and _____. In other words, the fish in the river are an example of _____, and the fish in the private pond are an example of _____.

Answer 1

Answer:rival in consumption and non- excludable

             rival in consumption and excludable

            common resource

            private good

Explanation:

The fish in the river are considered ___rival in consumption __ and __non-excludable ___ whereas the fish in the private pond are _rival in consumption____ and _excludable____. In other words, the fish in the river are an example of ___common resource__, and the fish in the private pond are an example of ___private good__.