Negative Externalities and the Tragedy of the Commons Are Problems

question 37

Multiple Choice

Negative externalities and the tragedy of the commons are problems that have a common source.What is this common source?

• A)self-interest motives of producers and consumers
• B)a lack of concern for human rights
• C)a lack of competition
• D)a lack of clearly defined and enforced property rights

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Definitions:

Quantity Demanded

The sum of a particular good or service that customers are ready and financially able to buy at a given price.

Productivity

The measure of the efficiency of production, often quantified as the ratio of outputs produced to inputs used in the production process.

Factor Labor

This refers to the human effort, both physical and mental, used in the production of goods and services.

Market Wage

The prevailing rate of pay for given types of work or specific occupations in a particular geographic or sectoral labor market.