The depletion of a common resource due to individually rational, but collectively inefficient, overconsumption is called:
A)the free rider problem.
B)the tragedy of the commons.
C)rivalry in consumption.
D)excludability.

Question

Quizplus · Accepted Answer

The tragedy of the commons refers to a situation where individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting a common resource.

The Depletion of a Common Resource Due to Individually Rational