According to Elinor Ostrom's view of The Tragedy of the Commons:
A. The only way to prevent the collapse of the commons is government intervention.
B. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual.
C. Individuals will create institutions to prevent the collapse of the commons.
D. Individuals will use the commons beyond the socially efficient point.
Answer: C
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a. Move in the same direction as b. Move in the opposite direction from c. Are not affected by d. Have an indeterminate relationship with
An increase in supply will occur when
A. the demand curve shifts downward to the left. B. the demand curve shifts upward to the right. C. the supply curve shifts downward to the right. D. the supply curve shifts upward to the left.