Graph the common pool resource levels of effort when we consider an open-access type scenario vs the private setting. What are the two types of inefficiencies that arise in the common pool setting? What are the two types of costs we can implement to get closer to the more optimal setting? What effect do these costs have (explain or show me what happens)? Which of the cost types is more efficient?

Answer rating: 100% (QA)

There are two types of inefficiencies that arise in the common pool setting free riding and the trag... View the full answer