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5. What type of situation does the Prisoner's Dilemma represent? 6. Why are public goods usually provided for by the government? Why would private production
5. What type of situation does the Prisoner's Dilemma represent? 6. Why are public goods usually provided for by the government? Why would private production of public goods lead to a low quantity being produced? 7. What is the 'tragedy of the commons'? Which of the following represent the characteristics of a good that would lead to the 'tragedy of the commons'? a. Rival and excludable b. Non-rival and excludable c. Rival and non-excludable d. Non-rival and non-excludable
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