The 'Tragedy of the Commons' Refers to the Phenomenon Where

question 51

Multiple Choice

The 'tragedy of the commons' refers to the phenomenon where

• A)individuals are free riders.
• B)people overuse a common resource.
• C)people do not internalise an externality.
• D)there is rivalry in consumption.

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Definitions:

Global Middle Class

A socioeconomic group that is characterized by stable income, education, and employment levels, and is growing in numbers worldwide, particularly in developing nations.

Occupational Prestige

The collective respect, admiration, or perceived value that society allocates to various professions or occupations.

Social Class

A division of society based on social and economic status, influencing individuals' lifestyles, attitudes, and behaviors.

Consumer Behaviour

The study of how individual consumers, groups, or organizations select, buy, use, and dispose of goods, services, ideas, or experiences.