Question

What typically happens with common goods? Most goods in the economy are common goods because they are successful. They are usually poorly managed and overused because property rights lack clarity and removes incentives for efficient management of the goods. Usually the government does a poor job of efficiently managing them so they are exploited. They are usually efficiently managed because distinctly understood property rights incentivizes efficient management of the goods.

Answer 1

Answer:

They are usually poorly managed and overused because property rights lack clarity and removes incentives for efficient management of the goods.

reason: The concept of the tragedy of the commons exclaims that the common goods or property generally tend to be overused by the people. This is because common goods are non-excludable and rival. People utilize these resources for their short term use without any thought for its long term consequences.