A situation where everybody owns something but nobody takes care of it illustrates the market failure problem associated with

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This situation is an example of the tragedy of the commons, which occurs when a resource is owned collectively by a group, but individuals have no incentive to care for it because they do not bear the full costs of their actions. This leads to overuse and degradation of the resource. This problem is a result of common ownership, as there are no clear property rights or responsibilities allocated to individuals.

A Situation Where Everybody Owns Something but Nobody Takes Care