Which of the Following Quotations Illustrates the Tragedy of the Commons

question 1

Multiple Choice

Which of the following quotations illustrates the Tragedy of the Commons?

• A)"A bird in the hand is worth two in the bush."
• B)"The only difference between the rich and other people is that the rich have more money."
• C)"What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others."
• D)"Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head."

---

Definitions:

Ordering Costs

Expenses associated with placing orders for goods or services, including cost of paperwork, communication, and transportation.

Just-in-Time Inventory

Just-in-Time Inventory is an inventory management strategy that aims to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Total Quality Management

Total Quality Management (TQM) is an organization-wide approach focused on continuous improvement and meeting customer satisfaction through systematic problem-solving and team-based collaborative efforts.

Operations

Activities involved in the day-to-day functions of a business that are necessary for it to run efficiently and effectively.