Table of contents

0. Basic Principles of Economics1h 5m
1. Reading and Understanding Graphs59m
2. Introductory Economic Models1h 10m
3. The Market Forces of Supply and Demand2h 26m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
6. Introduction to Taxes and Subsidies1h 46m
7. Externalities1h 12m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. The Costs of Production2h 35m
11. Perfect Competition2h 23m
12. Monopoly2h 13m
13. Monopolistic Competition1h 9m
14. Oligopoly1h 26m
15. Markets for the Factors of Production1h 26m
16. Income Inequality and Poverty35m
17. Asymmetric Information, Voting, and Public Choice39m
18. Consumer Choice and Behavioral Economics1h 16m

8. The Types of Goods

The Free Rider Problem and the Tragedy of the Commons

Microeconomics

8. The Types of Goods

The Free Rider Problem and the Tragedy of the Commons

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Multiple Choice

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

Increased atmospheric carbon dioxide due to burning of fossil fuels

Spread of an invasive species

Depletion of fish stocks in the world's oceans

Deforestation

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Verified step by step guidance

Step 1: Understand the concept of the 'tragedy of the commons'. It refers to a situation where individuals, acting independently according to their own self-interest, deplete or spoil shared resources, even though it is not in anyone's long-term interest.

Step 2: Analyze each environmental issue in the context of the tragedy of the commons. Consider whether the issue involves a shared resource that is being overused or depleted due to individual actions.

Step 3: Evaluate 'Increased atmospheric carbon dioxide due to burning of fossil fuels'. This involves a shared resource (the atmosphere) being affected by individual actions (burning fossil fuels), leading to negative consequences for everyone.

Step 4: Consider 'Depletion of fish stocks in the world's oceans'. This is a classic example of the tragedy of the commons, where individual fishing activities lead to the depletion of a shared resource (fish stocks).

Step 5: Examine 'Spread of an invasive species'. This issue does not typically involve the depletion of a shared resource due to individual actions, but rather the unintended consequences of species introduction, which may not fit the tragedy of the commons framework.