13. Which of the following describes the tragedy of the commons? a. Without giving sufficient property rights, depletable goods like Maine lobster will be over used. b. Anyone can use central park, whether or not they generate any of the tax revenue used to pay for it. c. Country A doesn’t have any laws restricting cigarette use, so any external costs created by smoking go uncompensated. d. Daniel goes to Costco every week to eat samples, but never buys anything.
A tragedy of common is an economic problem that states how peolpe often use natural resources to their self interest at the cost of every other individual.
It results in overconsumption, underinvestment and depletion of the resources.
Example: without giving sufficient property rights, depletable goods like Maine lobster will be over used.
Answer: option (a).
13. Which of the following describes the tragedy of the commons? a. Without giving sufficient property...