The "tragedy of the commons" refers to a phenomenon where
A) people do not internalize an externality.
B) people have distinct property rights to a resource.
C) people overuse a common resource.
D) individuals are not allowed to use a common resource.
C
You might also like to view...
Evaluate the following statement. The Cournot model basically assumes that the sole decision of each firm in a duopoly is one of determining how much to produce not which price to set
What will be an ideal response?
Which of the following is true of hyperinflation?
a. It causes the value of a currency to deteriorate so quickly that people become reluctant to hold that currency. b. It is a situation in which people hoard currency expecting its value to increase in recent future. c. It is a simultaneous increase in inflation and decrease in the quality of products. d. It occurred in the United States in the 1970s. e. It is a synonym for cost-push inflation.