Microeconomics (13th Edition)
Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 17, Problem 22APA
To determine

Efficient quantity of water purchased.

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(a)   Define the tragedy of the commons in your own words. (b) Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer’s pasture does not suffer from the tragedy of the commons?
The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes * a.Public benefit b.private benefit c.external benefit d.social benefit   If it costs Levy  $1.50 to prepare a burrito, that would reflect it's:  a.social cost b.external cost c.private cost d.Public cost As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: * a.Underpriced b.Overproduced c.Under-produced d.Over-produced   Full funding of tertiary level education is an example of a government: * a.Tariff b.Tax c.Subsidy d.Loan
(c) Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer’s pasture does not suffer from the tragedy of the commons
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