The diagram below shows demand and supply curves for some perfectly competitive market.
FIGURE 16- 2
-A common- property resource is one that is

Question

The diagram below shows demand and supply curves for some perfectly competitive market.
  FIGURE 16- 2
-A common- property resource is one that is

Quizplus · Accepted Answer

The diagram shows that the market is perfectly competitive, which means that it is rivalrous as every unit of the good is perfect substitute. The fact that it is a common-property resource indicates that it is non-excludable, as it is difficult to prevent people from using or consuming it. Therefore, the best choice is B, which describes a common-property resource.

The Diagram Below Shows Demand and Supply Curves for Some