What is common property? What does common property have to do with externalities?
What will be an ideal response?
Common property is property that is owned by everyone, so no one can be excluded from using it. There is a tendency to overuse common property, which means that people can use it and pass some of their costs on to others. That is, externalities are likely to be associated with common property.
You might also like to view...
Other things remaining unchanged, which of the following is most likely to cause an increase in the demand for personal computers?
a. A reduction in the price of personal computers b. An increase in the supply of personal computers c. An increase in the cost of computer printing ink d. An increase in the number of computer manufacturers e. A requirement by universities that all students buy personal computers
Variable costs increase when output rises.
Answer the following statement true (T) or false (F)