This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Free access and unrestricted mining of iron soon led to the depletion of the once abundant iron ores ... (Read 123 times)

a0266361136

  • Hero Member
  • *****
  • Posts: 538
on: Jun 29, 2018
Free access and unrestricted mining of iron soon led to the depletion of the once abundant iron ores in Rockland. As a result, several economic activities were adversely affected.
 
  What caused the overexploitation of these resources when their conservation could have benefited all consumers?

Question 2

The winner of a second-price sealed-bid auction pays an amount equal to ________.
 
  A) half of his bid
  B) the lowest bid
  C) the second-highest bid
  D) his valuation of the good


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

LVPMS

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Answer to Question 1

Common pool resources such as free-access mines are non-excludable but rival in consumption. The consumption of such goods gives rise to a negative externality. Each individual, while consuming the goods, only considers his or her own cost of using the good without realizing that his use of the good reduces the amount available to others. This leads to an overexploitation and depletion of these resources. This phenomenon is called the tragedy of the commons and explains the depletion of the iron ore deposits in Rockland.

Answer to Question 2

C


a0266361136

  • Member
  • Posts: 538
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

tkempin

  • Member
  • Posts: 332
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

iron iron
Iron Meteorites Iron Meteorites
Language Access Services Language Access Services
Mountaintop-Removal Mining Mountaintop-Removal Mining
Iron-deficient red blood cells. Iron-deficient red blood cells.
Access to clean drinking water is just as important as adequate nutrition for human health Access to clean drinking water is just as important as adequate nutrition for human health
Video: Hormonal regulation of pregnancy - weeks 2 through 38

For a complete list of videos, visit our video library