What is meant by the term common property resource?
A)Any ordinary resource such as labour or machinery.
B)A resource which is not owned by an individual or firm.
C)A resource with perfectly elastic supply.
D)A resource with perfectly inelastic supply.

Question

Quizplus · Accepted Answer

Common property resources are resources that are not owned by any individual or firm but are available for use by the general public. Examples include public parks, fishing grounds, and air and water resources.

What Is Meant by the Term Common Property Resource