Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Chapter 9, Problem 13Q
To determine
The meaning of tragedy of commons with examples.
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What is the tragedy of the commons?
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why do externalities make market outcomes inefficient?
Chapter 9 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
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- The farmer takes the rancher to court and the judge decides putting up a fence is the farmer’s responsibility. What is the nature of the externality in this problem?arrow_forwardWhat actions does economic theory suggest to help alleviate the tragedy of the commons? What are some methods for managing possible solutions?arrow_forwardWho is responsible for our current Tragedy of the Commons?arrow_forward
- Externality is a problem that create market failure. How the externalities can be internalized to improve market efficiency?arrow_forwardGive an example for positive and negative externalities you create. Then write down possible solutions (could be private or public sector solution) for these positive and negative externalities.arrow_forwardWhat is an externality? Provide two examples each of positive and negative externalities.arrow_forward
- What is an externality? How do they affect market efficiency? If an externality is present, where is the socially optimal point of production? Where will the market produce if there is no government intervention? How do we get from the private market equilibrium to the socially optimal one?arrow_forwardExplain the concept of externalities; include an example, as well as how the government takes action to correct it.arrow_forwardWhat are externalities?arrow_forward
- If I neglect or refuse to cut the grass on my front lawn, what are the externalities involved? Suggest two ways the government might deal with this issue.arrow_forwardExplain what is meant by ‘The Tragedy of the Commons’. What are its implications and what policies might help to resolve this issue?arrow_forwardWhat is the concept of a negative externality in economics? A. A benefit received by individuals who did not incur the cost B. A cost incurred by individuals who did not receive the benefit C. A situation where external parties receive equal benefits and costs D. A situation where the government intervenes in the marketarrow_forward
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