Once It Becomes Obvious That a Common Resource Is Being

question 46

Multiple Choice

Once it becomes obvious that a common resource is being overused:

• A) market forces cause the use of the resource to shift to a sustainable level
• B) society voluntarily limits its use of the good
• C) it continues to be overused because individuals have no incentive to reduce their use
• D) the good becomes a natural monopoly

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Definitions:

Personal Claims

Legal claims relating to or affecting a person's private rights, often involving compensation for personal harm or damage.

Defenses

Legal arguments and strategies used by a defendant to challenge the validity of the plaintiff's claims.

Holder in Due Course

A legal term referring to a person who has received a negotiable instrument in good faith and for value, enjoying certain protections against defects in the instrument and prior claims.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money either on demand or at a specific future date.