=+damage done by overgrazing of the commons increases as the number of cows grazing increases. Finally, assume

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=+damage done by overgrazing of the commons increases as the number of cows grazing increases. Finally, assume that the private benefit to the villagers of each additional cow grazing on the commons declines as more cows graze, since each additional cow has less grass to eat than the previous one.

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Economics

ISBN: 9781319066604

5th Edition

Authors: Robin Krugman, Paul Wells

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