Question

If your professor offers a review session for 1 hour the day before the final exam and one student dominates all the professor's time leaving you with no time to ask your question, this an example of O A market failure due to a private goods O B. market fallure due to a public good. OC. market failure due to a quasi public good O D. the tragedy of the commons.

Answer 1

ANS :

D. The tragedy of commons

The tragedy of the commons is a situation in a shared-resource system where individual users, acting independently according to their own self-interest, behave contrary to the common good of all users by depleting or spoiling the shared resource through their collective action.  It results in overconsumption, under investment, and ultimately depletion of the resource. As the demand for the resource overwhelms the supply, every individual who consumes an additional unit directly harms others who can no longer enjoy the benefits. Generally, the resource of interest is easily available to all individuals; the tragedy of the commons occurs when individuals neglect the well-being of society in the pursuit of personal gain.

In the situation given above the professor offers a review session for 1 hour the day before the final exam and one student dominates all the all the professor's time leaving me with no time to ask my questions, here the review session offered by the professor is a shared resource system where all the students are acting indipendently according to their own self interest. The one student taking all the time alotted is depleting the shared resource and neglecting the well being of every other student.