Lunch in Jamie's Dorm Is an All-You-Can-Eat Buffet, Served from 11

question 81

Multiple Choice

Lunch in Jamie's dorm is an all-you-can-eat buffet, served from 11 a.m. until 1 p.m. By noon, the buffet is picked over, and by 12:30, there are very few popular items left. The garbage bins, though, are full of food. The buffet in Jamie's dorm is an example of:

• A)an efficient subsidy.
• B)the tragedy of the commons.
• C)excess supply in the market.
• D)a good with positive externalities.

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Definitions:

Procedural Rules

Regulations or guidelines that govern the procedures to be followed in court proceedings or other formal processes.

Federal Court

A judicial tribunal established by the United States government, with authority derived from the Constitution and federal laws, to adjudicate disputes that involve national statutes, constitutional issues, and other matters within federal jurisdiction.

State Court

A court that has jurisdiction over disputes pertaining to state laws and constitutions.

Diversity Jurisdiction

A principle in United States federal law allowing federal courts to hear cases where the parties are from different states or countries and the amount in controversy exceeds a specified threshold.