One Way to Overcome the Tragedy of the Commons Is

question 2

Multiple Choice

One way to overcome the tragedy of the commons is to

• A) educate people in order to overcome the problem of rational ignorance.
• B) assign property rights so that someone owns the resource.
• C) take away property rights so that no one owns the resource.
• D) leave the market alone because the market will reach an equilibrium in which the efficient amount of the resource is used.
• E) None of the above answers is correct.

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Definitions:

Last Child

The term "Last Child" refers to the youngest child in a family or the final child born to parents, often experiencing different parenting styles and family dynamics compared to their siblings.

Midlife

The period in an adult's life, typically around age 40 to 60, often associated with a reevaluation of life accomplishments and goals.

Empty Nest

A stage in family life cycle where the children have grown up and left the parental home, which can impact the parents' identities and relationship.

Crisis

A turning point or a critical situation where a decision must be made, often leading to significant change or development.