The Tragedy of the Commons Results When a Good Is

question 167

Multiple Choice

The Tragedy of the Commons results when a good is

• A)rival in consumption and not excludable.
• B)excludable and not rival in consumption.
• C)both rival in consumption and excludable.
• D)neither rival in consumption nor excludable.

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Definitions:

Substitutes

Goods or services that can be used in place of one another, where an increase in the price of one leads to an increase in demand for the other.

Pepsi

A global beverage and food company known for its eponymous brand of cola and a wide range of other products.

Coke

A carbonaceous solid derived from coal through the process of carbonization, used primarily as a fuel and in the production of steel.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level in a given time period.