Fish in the ocean are _____
A)exhaustible and also open-access resources.
B)renewable and also open-access resources.
C)private goods.
D)merit goods.
E)renewable resources whenever property rights are well defined.

Question

Quizplus · Accepted Answer

Fish in the ocean are considered renewable resources because they have the ability to reproduce and replenish themselves over time. However, they are also open-access resources, meaning that anyone can access and exploit them, which can lead to overfishing and depletion. Private goods are owned and controlled by specific individuals or groups, which does not apply to fish in the open ocean. Merit goods are goods or services that have social benefits but may not be provided in sufficient quantities by the free market, which also does not apply to fish in the ocean. While defining property rights for fish in the ocean can help regulate their use and prevent overfishing, this is not always a feasible option, making B the best choice.

Fish in the Ocean Are _____