QUESTION 19 10 points SaveAnswer Consider a standard Problem of the Commons. N (N > I) ranchers use a grassland to feed their cows. The ranchers must choose how many cows to raise. The benet of raising a cow for a rancher is a - [36' per cow, where C is the total quantity of cows using the grassland. The marginal cost of raising a cow is C. Hence, the net benet of raising cows for any rancher M = 1,2 ..... N is (a - bC)g, - cg i where g, is the quantity of cows raised by the rancher, In this environment, 0 The socially optimal quantity of cows using the grassland is larger than the total quantity of cows in thethe Nash Equilibrium O The socially optimal quantity of cows using the grassland is smaller than the total quantity of cows in the Nash Equilibrium O The socially optimal quantity of cows using the grassland is the same as the total quantity of cows in the Nash Equilibrium O The socially optimal quantity of cows using the grassland is sometimes larger and sometimes smaller than the total quantity of cows in the Nash Equilibrium