Stewart is a lobsterman. His traps are a. private goods and the lobster he catches are common resources. b. private goods and the lobster he catches are public goods. c. rival in consumption and the lobster he catches are not rival in consumption. d. not rival in consumption and the lobster he catches are not rival in consumption.

Question

Solomon Avila

Business

2 December, 12:38

Stewart is a lobsterman. His traps are a. private goods and the lobster he catches are common resources. b. private goods and the lobster he catches are public goods. c. rival in consumption and the lobster he catches are not rival in consumption. d. not rival in consumption and the lobster he catches are not rival in consumption.

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Answers (1)

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Kaylah Booker · Answer 1

Option A Private good and the lobster he catches are common resources

Explanation:

The reason is that lobsters are common resource because it is not excludable resource as people can not be prevented to access it without paying for it. Furthermore the private goods he catches while catching lobsters are common resource as people throw them into the rivers or they loose them while enjoying the coastal areas. So these items can be accessed easily by every person who enjoys fishing or is a lobsterman. The common resources are non excludable but rival in consumption.