The Tragedy of the Commons describes
A)government regulation that is necessary to combat externalities.
B)overuse of a common resource relative to its economically efficient use.
C)the nonrivalry feature of a common resource.
D)an effective cost-benefit analysis.

Question

Quizplus · Accepted Answer

The Tragedy of the Commons refers to the overuse of a common resource beyond its economically efficient use, resulting in depletion or degradation of the resource. This happens when individuals, in pursuit of their self-interest, use the resource without considering the impact of their actions on the resource and other users. Government regulation can be a solution, but the core problem is the overuse of the resource. Nonrivalry and effective cost-benefit analysis are not directly related to the Tragedy of the Commons.

The Tragedy of the Commons Describes