According to Garrett Hardin's view of The Tragedy of the Commons:
a. Externalities will be internalized by the market.
b. Individuals will use the commons up to the point where marginal benefits equal marginal social costs.
c. Individuals will create institutions to prevent the collapse of the commons.
d. Individual will use the commons beyond the socially efficient point.
d
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Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40
Jane's consumer surplus from the coffee she buys is ________ per day. A) $1.60 B) $1.70 C) $4.80 D) $6.50
To what extent are homemaking and child-rearing accounted for in the government's GDP accounts?
A) Not at all B) Only to the extent that they are provided for pay C) Only to the extent that taxes are paid on them D) All homemaking and child-rearing are accounted for
You invest an amount today for four years that pays 6% annually. The bank compounds annually. At the end of the four years you will have $150. What amount must you invest today?
A) $148.81 B) $138.81 C) $128.81 D) $118.81
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.