Richard owns several acres of land. The land is covered with oak trees. Richard uses the oak trees for producing lumber. However, the government has imposed some restrictions on Richard. He is allowed to cut a specific number of trees annually. If the number is exceeded, he has to pay a fine. Which type of property rights regime suits this scenario?

private property regime

public property regime

open access property regime

common property regime

Question

Biology

Hailee Gill

27 January, 05:52

Richard owns several acres of land. The land is covered with oak trees. Richard uses the oak trees for producing lumber. However, the government has imposed some restrictions on Richard. He is allowed to cut a specific number of trees annually. If the number is exceeded, he has to pay a fine. Which type of property rights regime suits this scenario?

private property regime

public property regime

open access property regime

common property regime

+5

Answers (1)

Know the Answer?

Amelia Bauer · Answer 1

The type of property rights regime suits this scenario is private property regime. The land is owned by richard so this is a private land already but the government will impose some rules and regulations to it for the betterment of the environment.