Question

The fish in the river are consideredrival in consumption andexcludable 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:

... whereas the fish in the private pond are rival in consumption and excludable.  

... the fish in the river are an example of common resource, and the fish in the private pond are an example of private good.

* the first sentence is wrong, the fish in the river are nonexcludable since anyone can fish on the river, or at least try to.

Explanation:

If a good is rival in consumption, it means that if one person consumes it, it will lower the ability of another person to consume the good.

If a good is excludable, ten it can only be consumed by those that are willing and able to pay for it.

When a good is both nonexcludable and rival in consumption, it s a common resource.

A private good is both rival in consumption and excludable