Microeconomics

Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors

The Types of Goods

The Free Rider Problem and the Tragedy of the Commons

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Gather round and I will tell you a tale. Story time!

1

concept

Free Rider Problem

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concept

Tragedy of the Commons

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3
Problem

Making customers pay per use of a public good is inefficient because:

4
Problem

In the case of a shared pasture, what is the rational strategy of herdsmen acting in their own best interests?

5
Problem

Which of the following environmental issues is not an example of the tragedy of the commons?