The "Tragedy of the Commons" Is

question 43

Multiple Choice

The "tragedy of the commons" is

• A) the lack of a commons-a common place where people can come together.
• B) the failure to appreciate what we have in common with other species.
• C) that cost-benefit analysis involves value judgments that we do not share in common.
• D) that individual pursuit of self-interest can sometimes make everyone worse off.

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Definitions:

Statute Of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties to be enforceable.

Article 2

A section within the Uniform Commercial Code (UCC) that deals with the sale of goods in the United States.

Ucc

The Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions in the United States.

Oral Contract

A verbal agreement between parties that is legally binding, although difficult to prove in court without witnesses or supporting documentation.