$1.$ Open$-$access goods versus private goods

Spring is here, and Felix and his dad would like to go fishing for the weekend in Vermont. Felix could either go to the lake in town where anyone can fish without a permit, or he could drive up to a stream located on his family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept $($that is$,$ there is no "catch and release" policy$).$

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The fish in the private stream are considered$$and$,$ whereas the fish in the lake are considered$$and$.$ In other words, the fish in the private stream are an example of$,$ and the fish in the lake are an example of$.$

Fishing in the lake will likely lead tothe common$-$pool problem $$because of which of the following reasons?

All fishermen will choose to fish in the lake because of the limited access to the stream.

Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake.

Anyone can fish in the lake, and as long as the marginal benefit of catching more fish exceeds the marginal cost, fishermen have little regard for the effects of their catch on the sustainability of fishing stocks.

All fishermen will choose to fish in the stream believing that there are more fish there.