Asked by
Kendall Schmidt
on Oct 26, 2024Verified
Any road without a toll can be thought of as a common resource since it is nonexcludable and rival in consumption.
Common Resource
A resource like air or water that is non-excludable and rivalrous, meaning it's impossible to prevent anyone from using it, but one person's use diminishes another person's ability to use it.
Nonexcludable
A nonexcludable good is one where it is not possible to prevent people who have not paid for it from having access to it, typical in public goods.
- Recognize the attributes and difficulties associated with the management of shared resources.
Verified Answer
JO
Learning Objectives
- Recognize the attributes and difficulties associated with the management of shared resources.