Economists refer to the problem that exists when public property is treated poorly because it is in no one's private interest to protect it as the
A)tragedy of capitalism.
B)tragedy of the commons.
C)Achilles' heel of socialism.
D)mistake of zoning.

Question

Quizplus · Accepted Answer

The tragedy of the commons is a well-known economic concept that describes the dilemma that arises when multiple individuals, acting in their own self-interest, all use a shared resource leading to the depletion or degradation of the resource. Public property is a type of shared resource, and if no one takes responsibility for protecting it, it can suffer from neglect or overuse.

Economists Refer to the Problem That Exists When Public Property