The tragedy of the commons occurs when a. a common-resource good becomes depleted. b. positive externalities are larger than desired. c. a club good cannot be traded. d. the free-rider problem occurs. e. a private good is underproduced.
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The tragedy of the commons occurs when
a. a common-resource good becomes depleted.
b. positive externalities are larger than desired.
c. a club good cannot be traded.
d. the free-rider problem occurs.
e. a private good is underproduced.
Step by step
Solved in 2 steps
- 1.A good with a negative externality is an example of a market failure because * a.The price does not fluctuate with supply and demand. b.The price of the product does not reflect the social cost. c.A good can be consumed by many people without them having to pay for it. d.The market is producing a good very few people want. 2.A good with a negative externality is an example of a market failure because * a.The price does not fluctuate with supply and demand. b.The price of the product does not reflect the social cost. c.A good can be consumed by many people without them having to pay for it. d.The market is producing a good very few people want.What is true with market failure? A. the market becomes more efficient in allocating the resources to its best uses B. there is an overproduction of goods and services with positive externalities C. there is an underproduction of goods and services with negative externalities D. there is market concentration or less competition E. no correct answerChose one: If there are no externalities a competitive market achieves economic efficiency. If there is anegative externality, economic efficiency will not be achieved because a. too much of the good will be produced. b.a deadweight loss will occur that is equal to the area under the demand curve for the good. c.too little of the good will be produced. d.economic surplus is maximized
- The market equilibrium price will increase and output will decrease once the government makes a firm a.externalize a positive externality. b.externalize a negative externality. c.internalize a negative externality. d.internalize a positive externality.Refer to Figure. The graph represents a market in which 24 22 22 Price 18 16 81 Social cost (private cost and external cost) Supply (private cost) Demand (private valne) 120 160 Quantity a. Othere is no externality. b. Othere is a positive externality. c. Othere is a negative externality. d. The answer cannot be determined from inspection of the graph.The tragedy of the commons occurs when: a. There are deadweight losses due to a population externality. b. Goods are undersupplied because of the free rider problem. c. Choices are individually rational but correctively inefficient. d. Externalities occurs because property rights are not clearly assigned.
- An externality is Select one: a. the uncompensated impact of one person's actions on the well-being of a bystander. b. a market equilibrium tax. c. the costs that parties incur in the process of agreeing and following through on a bargain. d. the proposition that private parties can bargain without cost over the allocation of resources.A negative externality causes Select one: a. the social cost of production to be greater than the private cost. b. the social cost of production to be the same as the private cost. c. None of the answers are correct d. the social cost of production to be less than the private cost.Why is a price change NOT an externality? Select one: a. A price change affects bystanders, not market participants. b. A price change does NOT change total costs or benefits, it only changes who buys the good. c. A change in price changes the marginal benefit of a good but does NOT change who buys and sells the good. d. A price change redistributes costs but not benefits.
- #7. Copyright laws exist in order to a. eliminate negative externalities. b. eliminate public goods. c. limit free-riding. d. solve the tragedy of the commons. e. protect consumers.The optimal level of output can be achieved by levying a tax on a company producing a negative externality. This should be set a level that is equal to: a. the marginal cost of a curve b. the social marginal cost curve c. the difference between the social marginal cost and the firm’s marginal cost. d. the total of the social marginal cost and the firm’s marginal cost.#9. Copyright laws exist to a. eliminate negative externalities. b. eliminate public goods. c. limit free-riding. d. solve the tragedy of the commons. e. protect consumers.