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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Define and give an example of a common resource. Without government intervention, will people use this good too much or too little? Why?

To determine
Common resources.

Explanation

The goods that are rival in consumption but cannot be excluded is called common resource. Fish from the ocean is an example of common resource. When someone catches fish, then the others who want to catch fish are left with a lesser number of fish to catch, so it is rival in consumption...

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