Question

In an economic context, what is the "tragedy of the commons?" The idea that people overuse or misuse a resources when property rights are not clearly defined. The observation that educational attainment and income are determined largely by the educational attainment and income of a person's parents. The idea that a few very wealthy individuals control a majority of economic resources while average people have far fewer resources. The observation that cattle production can be associated with negative externalities. Which scenario best characterizes the tragedy of the common O Users of a shared shower in a dorm allowing the shower to get nasty by failing to clean it often enough. O Observation of widening income equality evidenced by a growing Gini coefficient. O Observation that cattle contribute to climate change by emitting methane. O A group of farmers that forms a collective to coordinate pricing decisions. about us Careers privacy policy terms of use contact us help

Answer 1

First option is correct. lack of property rights result in over use and exploitation of the resource because of which there is a reduction in the amount of resource

First option is correct. in the dorm there is no property right on the shower which is therefore used extensively until it is damaged.