The term "tragedy of the commons" describes:
a. how communal ownership of property leads to overuse and speedy exhaustion of resources.
b. the very difficult circumstances that the every-day citizens faced when the first arrived in colonial America.
c. how collective ownership of property produces a greater incentive for people to shirk, or work less than they otherwise would.
d. how establishing governments was very difficult in the initial settlements.
a. how communal ownership of property leads to overuse and speedy exhaustion of resources.
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In a graphic relationship, shifts in a curve are caused by a change in:
a. the slope of the curve. b. a factor not measured on the axes of the graph. c. one of the factors measured on either axes of the graph. d. any factor, whether measured on the axes of the graph of not.
Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will give Bill the correct answer?
a. subtracting marginal cost from total cost b. calculating the product of average total cost and quantity c. determining what the shop would pay for if they produced zero output d. adding the total variable cost to the total cost e. subtracting total variable cost from total revenue