What is meant by the tragedy of the commons? Use an example to explain your answer
What will be an ideal response?
The tragedy of the commons refers to the depletion of a common pool resource due to open access. When deciding how much to use, everyone using the common pool resource considers only his or her own costs of use. But this use depletes the resource for everyone accessing it. Since this extra cost is external, individuals end up using too much of the resource. Congested roads without tolls are a good example of the tragedy of the commons. People who use the road consider their benefits but ignore the costs they impose on other drivers by forcing them to drive more slowly.
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Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the linear demand function for steel takes the form Q = a - 0.9P, what is an appropriate value for the intercept coefficient a?
a = -111 a = 51 a = -51 a = 111
Level of economic prosperity
a. standard of living b. privatize c. economic system d. self-interest e. factor payments
If you wish to work as an IS professional in the transportation industry, it does not matter if you cannot communicate with fleet managers using their business terms.
Answer the following statement(s) true (T) or false (F)
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206The percentage increase in real GDP from year 2 to year 4 is:
A. 40 percent. B. 80 percent. C. 100 percent. D. 60 percent.