The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1
-Common ownership may fail to ensure that harvesting of renewable resources does not exceed the maximum sustainable yield.
Definitions:
Caveat Emptor
A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk regarding the quality of the goods purchased, unless they are protected by warranty.
Common Law
A body of law derived from judicial decisions of courts and similar tribunals, as opposed to statutes or constitutions.
Valid Deed
A valid deed is a legally enforceable document that effectively transfers ownership of real property from one party to another, and must meet specific requirements, including the signature of the grantor and delivery.
Recording
The act of documenting or entering official information, such as deeds and mortgages, into public records.
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