Post-Lecture Tragedy of Commons and Externalities Quiz

Which of the 4 causes below is NOT a cause of the Tragedy of the Commons?

Lack of communication

Non-excludability

No regulation

Lack of public property rights

Define in your own words the tragedy of the commons.

List 3 externalities associated with the burning of fossil fuels and explain how one of the externalities could be internalized.

What is an externality (define in your own terms)?

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