The Tragedy of the Commons Will Be Evident When a Growing

question 62

Multiple Choice

The Tragedy of the Commons will be evident when a growing number of crocodile hunters leads to the loss of crocodiles in many rivers: Possible solutions to this problem include:

• A)providing only a limited number of hunting permits to the hunters
• B)internalising the externality by using crocodile ranches to turn the animals into a private good
• C)reduce the hunting season for crocodiles
• D)all of the above could be done

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Definitions:

Mandarin Oranges

A small citrus fruit with a sweet flavor and easy-to-peel skin, often eaten fresh or used in salads.

Cable TV Service

A system of delivering television programming to consumers via radio frequency signals transmitted through coaxial cables or digital light pulses.

Interdependent Firms

Companies whose operations and outcomes are mutually influenced, typically seen in competitive markets where the actions of one firm affect the sales and strategies of others.

Oligopoly

An industry with only a small number of producers.