The tragedy of the commons

leads to underutilized resources.

occurs when club goods are produced.

occurs when public goods are provided.

gives rise to a positive externality.

gives rise to a negative externality.

When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that area. What would we expect to happen to the price and quantity in the markets where this happens?

The equilibrium price will be indeterminate and equilibrium quantity will go up.

The equilibrium price will be indeterminate and equilibrium quantity will go down.

The equilibrium price will go up and the equilibrium quantity will go up.

The equilibrium price will go down and equilibrium quantity will be indeterminate.

The equilibrium price will go up and equilibrium quantity will be indeterminate.

When Noelle received a promotion at work, her income rose by 50 percent. The income elasticity of demand for steak was found to be 1.5. For her, steak is a(n)

necessity.

luxury.

substitute for chicken.

complement to potatoes.

inferior good.

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