Which of These Characteristics Describe What Is Known as a Tragedy

question 20

Multiple Choice

Which of these characteristics describe what is known as a tragedy of the commons?

• A) No available resources, no clear property rights
• B) Available resources, no clear property rights
• C) No available resources, clear property rights
• D) Available resources, clear property rights.
• E) none of the above

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Definitions:

Variable Overhead

Costs that vary with the level of production or business activity, such as utilities or raw materials.

Materials Price Variance

The variance between the real expenses incurred from direct materials in manufacturing and the anticipated standard cost of those materials.

Labor Rate Variance

The discrepancy between what labor actually costs and what was originally forecasted or considered standard.

Variable Manufacturing

Costs that change in direct proportion to changes in the volume of production output.