Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well.
-Refer to the information above.The entire pool of oil is
A) private property,owned by four different people.
B) common property in that no one individual owns it entirely.
C) common property in that A,B,C,and D view the oil as not having a cost.
D) private property,privately owned.
E) common property,owned by four different people.

Question

Suppose that four land owners,A,B,C,and D,own adjacent lots.Recently,a pool of oil was discovered that is under all four lots but does not extend beyond the four lots.Below is information on the relationship between number of oil wells,output per well and revenue per well. 
-Refer to the information above.The entire pool of oil is
A) private property,owned by four different people. 
B) common property in that no one individual owns it entirely. 
C) common property in that A,B,C,and D view the oil as not having a cost. 
D) private property,privately owned. 
E) common property,owned by four different people.

Quizplus · Accepted Answer

Since the oil is under all four lots but does not extend beyond them, it cannot be solely owned by any one individual. Therefore, the pool of oil is considered a common property in which no one individual owns it entirely.

Suppose That Four Land Owners,A,B,C,and D,own Adjacent Lots