The tragedy of the commons arises from the:
A. good being rival.
B. good being excludable.
C. combination of rivalry and nonexcludability.
D. combination of rivalry and excludability.
C. combination of rivalry and nonexcludability.
Economics
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The theory of consumer choice is representative of how consumers make decisions but is not intended to be a literal account of the process
a. True b. False Indicate whether the statement is true or false
Economics
If a variable input is added to some fixed input, beyond some point the resulting extra output will decline. This statement describes:
A. the law of diminishing returns. B. the law of diminishing marginal utility. C. economies and diseconomies of scale. D. X-inefficiency.
Economics