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