Question

The tragedy of the commons is that:

too few individuals have access to high quality healthcare.

common people overconsume public goods.

the quality of life for lower-income people is generally lower than that of higher income people.

a resource with no price tends to be exploited until its marginal benefit falls to zero.

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Answer #1

Option B)

travedy of commons imply that individual rationality results in overexploitation of the common resources , which is the result of private market outcome.

like fishery, if people are given free access, then overexploitation of the fishery occurs.

thus private market eqm level of output is always higher than social market eqm level

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