Which of the following leads to the tragedy of the commons?
A) The use of common pool resources above the socially optimal level
B) The low level of satisfaction derived from the use of common pool resources
C) The high rate of taxation on common pool resources
D) The tendency of consumers to use common pool resources without paying for them
A
Economics
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Marginal cost equals
A) total cost minus total variable cost. B) total fixed cost divided by total output. C) total variable cost divided by total output. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
Economics
What does the law of diminishing returns imply for the shape of the marginal cost curve?
What will be an ideal response?
Economics