one person's use of common resources does not reduce the enjoyment other people receive from the resource. One possible solution to the problem of protecting a common resource is to ___

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05-12-2022
Business

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one person's use of common resources does not reduce the enjoyment other people receive from the resource. One possible solution to the problem of protecting a common resource is to ___

Sagot :

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qwbrown qwbrown · Answer 1 · 2022-12-08T09:39:13-05:00

a) Common resources are rival goods because when one person uses a common resource, it reduces the enjoyment of others. A modern example is an environmental degradation. Hence the answer is False

Common resources are products, mostly food items, that are rival in nature while being consumed by consumers but are not excusable at the same time. These are commonly referred to as owned resources or inputs.

However, we can only use these resources efficiently if the marginal social cost equals the marginal social benefit. When people are not charged for using common resources, they tend to use them excessively. This is analogous to a negative externality.

b) One possible solution to the problem of protecting a common resource is to transform that resource into a private good.

Converting that common resource to private good will restricts free access to everyone, thereby preventing the overuse of that resource. Regulating consumption and use, or legally excluding certain individuals, can help reduce overconsumption, and government investment in resource conservation and renewal can help prevent depletion.

To learn more about common resource, please refer:

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The complete question is:

a) One person's use of common resources does not reduce the enjoyment other people receive from the resource. True or False?

b) One possible solution to the problem of protecting a common resource is to _______.

Sagot :

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