11

Fill in the following table with the correct categories of goods:

	Rival	Nonrival
Excludable	A	B
Nonexcludable	C	D

Group of answer choices

A: Public Goods, B: Private Goods, C: Common Property Resources, D: Artificially Scarce Goods

A: Common Property Resources, B: Artificially Scarce Goods, C: Private Goods, D: Public Goods

A: Private Goods, B: Artificially Scarce Goods, C: Public Goods, D: Common Property Resources

A: Artificially Scarce Goods, B: Public Goods, C: Common Property Resources, D: Private goods

A: Private Goods, B: Artificially Scarce Goods, C: Common Property Resources, D: Public Goods

12

The figure below shows the social cost curve (SC), private cost per trip (PC) and the revenue per trip (RT) of a fishery which is a common property resource.

What is the socially efficient level of fishing trips?

Thousand Dollars SC 25 PC 15 RT 20 32 53 Fishing TripsThousand Dollars SC 25 PC 15 RT 20 32 53 Fishing Trips