The tragedy of commons relates to the idea that
A) central planning sets all production targets.
B) all wages, prices, and interest rates are controlled by government.
C) common owned resources tend to be overused.
D) central planning sets all distribution targets.

Question

Quizplus · Accepted Answer

The tragedy of commons refers to the situation where individuals, acting in their self-interest, use up a commonly owned resource (such as a pasture or a fishery) at a rate that is not sustainable, ultimately leading to depletion. This happens because each person benefits from using the resource but does not bear the full cost of their actions. As a result, the resource is overused and degraded, causing harm to all who depend on it.

The Tragedy of Commons Relates to the Idea That