Which type of good is described by the statement: 'you can not own the rights to music, art, writing, or other creative endeavors'?

• A. Common resource
• B. Public good
• C. Intellectual property
• D. Private good

Answer: (C)

Verified step by step guidance

1. Understand the characteristics of each type of good listed: Common resource, Public good, Intellectual property, and Private good.
2. Recall that a Public good is typically non-excludable and non-rivalrous, meaning people cannot be prevented from using it and one person's use does not reduce availability to others.
3. Recognize that a Common resource is rivalrous but non-excludable, meaning it can be depleted by use but people cannot be easily excluded from using it.
4. Identify that a Private good is both excludable and rivalrous, meaning ownership rights can be enforced and consumption by one person reduces availability to others.
5. Note that Intellectual property refers to creations of the mind like music, art, and writing, where ownership rights exist but are often difficult to enforce fully, which aligns with the statement that you cannot own the rights completely.