Question

Spring is here, and Brian and his grandfather would like to go fishing for the weekend in Vermont. Brian could either go to the river in town where anyone can fish without a permit, or he could drive up to a stream located on his 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 private stream are considered _____ and _____ whereas the fish in the river are _____ and _____ . In other words, the fish in the private stream are an example of _____ , and the fish in the river are an example of _____.

Fishing in the river will likely lead to _____ because of which of the following reasons?

a. All fishermen will choose to fish in the stream believing that there are more fish there.
b. Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the drier.
c. All fishermen will choose to fish in the river because of the limited access to the stream.
d. Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.

Answer 1

Answer:

The fish in the private stream are considered ---excludable---and ----rivalrous-------- whereas the fish in the river are ---non-excludable----- and -----rivalrous---

In other words, the fish in the private stream are an example of ---private goods-------------? , and the fish in the river are an example of ---common goods-----.  

Fishing in the river will likely lead to .....rivalry.... because of which of the following reasons:

d. Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.

Explanation:

Private goods possess some distinguishable characteristics from common and public goods.  These main characteristics of private goods are Excludability, Rivalry, and Rejectability.  But, public goods are characterized by non-rivalry and non-excludability.  Common goods' characteristics rivalry and non-excludability.