Usually, the Smithsonian Museum (which is free to enter) is a good example of a public...
Usually, the Smithsonian Museum (which is free to enter) is a
good example of a public good. However, when the
museum gets crowded, it is a better example of a(n):
A. artificially scarce good
B. excludable good
C. nonrival good
D. private good.
E. common property resource
Homework Answers
Answer
Option e) is correct. Common property resource
Reason:
Common resources are defined as products or resources that are non-excludable but rival. That means virtually anyone can use them. However, if one individual consumes common resources, their availability to other individuals is reduced. The combination of those two characteristics often results in an overuse of common resources.
In our case, when the museum gets crowded, its availability to other people gets reduced. Hence, it becomes a common property resource.
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