Which of the Following Captures the Spirit of the Tragedy

question 7

Multiple Choice

Which of the following captures the spirit of the tragedy of the commons thesis?

• A) Everyone acting in their own self-interests, when resources are shared and limited, will have catastrophic ends.
• B) There is NO need for private property because everyone acting selfishly will lead to sustainable ends.
• C) Collaboration will solve all world's problems.
• D) All of the above.

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Definitions:

Behavioral Economics

The study of psychology as it relates to the economic decision-making processes of individuals and institutions.

Economic Theory

A set of principles that aim to explain how economies work and how economic agents interact.

Consumer Decisions

The process by which consumers choose whether, what, when, from whom, and how much to buy of a product or service.

Freelance Paralegal

A paralegal who operates his or her own business and provides services to attorneys on a contract basis. A freelance paralegal works under the supervision of an attorney, who assumes responsibility for the paralegal’s work product.