Which of the Following Would Economists Label as an Example

question 71

Multiple Choice

Which of the following would economists label as an example of the "tragedy of the commons?"

• A)The over grazing of private land by ranchers.
• B)The over grazing of public land by ranchers.
• C)The disregard for health warnings on home use pesticide sprays.
• D)The loss of value that a homeowner incurs when they fail to maintain their lawn.

---

Definitions:

Finished Product

A final good ready for sale after undergoing all stages of production.

Required Production

The quantity of goods or services that a company needs to produce within a specific timeframe to meet the demands of its customers.

Material Inventories

Stocks of raw materials, work-in-progress, and finished goods that are held for use in production or sale in the future.

Direct Materials Purchases

The total cost of raw materials bought that are directly incorporated into a finished product.