Homework (Ch 11) Attempts 1.3 Average 1.3 / 2 5. Common resources versus private goods Spring is here, and Kate and her grandfather would like to go fishing for the weekend in Vermont. Kate could either go to the lake in town where anyone can fish without a permit, or she could drive up to a stream located on her family's PRIVATE property in the countryside to fish. Assume that, no matter PROPERTY where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). The fish in the lake are considered and whereas the fish in the private stream are and . In other words, the fish in the lake are an example of and the fish in the private stream are an example of Fishing in the lake will likely lead to because of which of the following reasons? Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake. Anyone can fish in the lake, and one person's fishing activity decreases the ability of someone else to fish with success. All fishermen will choose to fish in the lake because of the limited access to the stream. All fishermen will choose to fish in the stream believing that there are more fish there. Grade It Now Save & Continue Continue without saving MacBook Air