Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. a. A new drum set for you to play in your friend's band.
b. A large, beautiful clock in a park.
c. A dock on a lake that is open to the public.

Private good, Public good, Common Resource.

Explanation:

a. A new drum set for you to play in your friend's band---Private good

A private good is defined as a good that is rival in consumption which means that no two people can utilize at the same time and excludable which means the owner of the property can decide , who and how it should be used.

b. A large, beautiful clock in a parkPublic good

When a good is non rival in consumption meaning that utilizing the good does not prevent or decrease the chances of other people using it and Non- excludable meaning that due to its location, one person cannot deprive another person from seeing it as it is open for all to see and use, then the good is a Public good.

c. A dock on a lake that is open to the publicCommon Resource

This refers to when a good is rival in consumption and non excludable meaning that By rival in consumption, it means that using the good by an individual reduces the value of it (eg here is the dock )

By nonexcludable because the good is free for everyone and anybody has the privilege to enjoy its use in common, here, the Lake.

business modeling is correct