The overuse of a common resource relative to its economically efficient use is called
A)monopolistic competition.
B)the Tragedy of the Commons.
C)common resource abuse.
D)communism.

Question

Quizplus · Accepted Answer

The term "Tragedy of the Commons" refers to the situation where a common resource is overused by individuals or groups, leading to depletion of the resource and negative consequences for all users. This concept was first introduced by economist William Forster Lloyd in 1833 and later popularized by Garrett Hardin in a 1968 essay.

The Overuse of a Common Resource Relative to Its Economically