Common Property Resources Like Fish Stocks in Open Waters Tend

question 123

Multiple Choice

Common property resources like fish stocks in open waters tend to be over-utilized because:

• A) the marginal social cost is less than the private marginal cost.
• B) the marginal social cost is always equal to the private marginal cost.
• C) the marginal social cost is greater than the private marginal cost.
• D) none of the above

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Definitions:

Ingroup-Outgroup Bias

The tendency to favor members of one's own group (ingroup) over those of other groups (outgroup), often leading to prejudice and discrimination.

Collectivistic Cultures

Societies that prioritize the needs and goals of the group over individual desires or ambitions, emphasizing interconnectedness and social harmony.

Competitive

Having a strong desire to be more successful than others, often leading to striving for achieving superiority or winning in a situation.

Social Categorization

The cognitive process where individuals classify others into groups based on shared traits or characteristics, influencing perception and interaction.