When One Person Uses a Common Resource,such as Fish in the Ocean,which

question 23

Multiple Choice

When one person uses a common resource,such as fish in the ocean,which of the following would not be correct?

• A)Other people are likely to be worse off.
• B)Other people will not be compensated for their loss.
• C)The person does not account for external effects.
• D)There will still be enough left for other people, since one person cannot make a major impact.

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Definitions:

Labor Market

The supply and demand for labor, where employers seek to hire workers and workers seek employment, typically analyzed by wages, hours, and conditions.

Fairness

The characteristic of forming opinions that are unbiased and honest.

Unemployment

The situation when individuals who are capable of working and actively seeking employment cannot find a job.

Ultimatum Game

An economic experiment and game theory scenario where two players decide how to divide a sum of money between them.