The tragedy of the commons refers to the idea that:
A) trade inherently results in losses.
B) common property often results in an abuse of the property, such as overfishing.
C) trade restrictions can be useful.
D) common property is always beneficial for people.

Question

Quizplus · Accepted Answer

The tragedy of the commons is the concept that refers to the degradation or depletion of a shared resource, such as a fishery, pasture, or atmosphere, due to individuals pursuing their self-interest and exploiting the resource beyond its capacity. This leads to a situation where the common property is overused, damaged or exhausted, and no longer available for anyone to use. Hence, common property does not always lead to a beneficial outcome, and there may be a need for interventions or regulations to prevent abuses, promote sustainable use, and allocate resources fairly. The other options are not relevant to the tragedy of the commons.

The Tragedy of the Commons Refers to the Idea That