Which of the following applies to the tragedy of the commons and a common resource?
i.In the absence of government action,there are no incentives to prevent the overuse of the common resource.
ii.When consumers take account of the marginal social benefit and marginal cost,overuse of the common resource occurs.
iii.Even with government action,it is impossible to achieve the efficient level of use of a common resource.
A) i only
B) i and ii
C) ii and iii
D) i, ii, and iii
E) ii only

Question

Quizplus · Accepted Answer

i. The tragedy of the commons describes a situation where individuals acting independently and rationally according to each's self-interest behave contrary to the whole group's long-term best interests by depleting a common resource. Government action, such as regulation or establishing property rights, can provide incentives to prevent overuse.

Which of the Following Applies to the Tragedy of the Commons