Which of the following is the primary issue in the tragedy of the commons?
a. Overharvesting common resources
b. Selling too many common resources
c. Running out of natural resources
d. Lacking funds to protect natural resources
a. Overharvesting common resources
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New firms enter a monopolistically competitive market structure in the long run if the price charged by the existing firms in the short run ________
A) exceeds the average total cost of production B) equals the average fixed cost of production C) equals the average variable cost of production D) equals the price charged in a perfectly competitive market
When contractionary fiscal policy leads to
A) less private investment because of higher interest rates, the change in investment is called crowding in by economists. B) more private investment because of lower interest rates, the change in investment is called crowding in by economists. C) less private investment because of lower interest rates, the change in investment is called crowding in by economists. D) less private investment because of higher interest rates, the change in investment is called crowding out by economists.