To determine if a good is a common resource or a public good, we need to know:
A)if the good is provided by the government
B)if my use of the good reduces its availability to you
C)if the good can be patented
D)if the good is very expensive to produce

Question

Quizplus · Accepted Answer

The key difference between common resources and public goods is whether or not my use of the good reduces its availability to you. If my use of the good does reduce its availability, then it is a common resource, like fish in a pond. If the good is non-excludable and non-rivalrous, meaning that one person's use does not affect another person's ability to use it, then it is a public good, like a lighthouse or national defense. The other answer choices do not accurately reflect this distinction.

To Determine If a Good Is a Common Resource or a Public