How does the tragedy of the commons concept relate to the scenario of a public park being littered because individuals don't face the full cost of their actions?

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∻Answer∻ ⚹ The tragedy of the commons in the context of a public park being littered occurs because individuals do not bear the full cost of their actions, leading to overuse and degradation of the common resource. ⚹ ∻Solution∻ ‖ a ⋮ Definition of Tragedy of the Commons: The tragedy of the commons is an economic problem where individuals tend to exploit shared resources so that the demand overwhelms the supply, and the resource becomes unavailable for the whole. ‖ ‖ b ⋮ Application to Public Park Littering: In the case of a public park, the park is a common resource available to all. When individuals litter, they do not face the full cost of their actions (such as the negative impact on the environment and the enjoyment of the park by others), leading to overuse and degradation of the park. ‖ ‖ c ⋮ Externalities: Littering in a public park creates a negative externality, which is a cost that is not transmitted through prices and is incurred by parties who did not agree to the action causing the cost. ‖ ∻Key Concept∻ ⚹ Tragedy of the Commons ⚹ ∻Explanation∻ ⚹ The tragedy of the commons explains how individual actions, when not considering the full social cost, can lead to the overuse and depletion of a shared resource, such as a public park. ⚹◊What impact would internalizing the externalities through a Pigovian tax have on reducing littering in the public park?⍭ Generate me a similar question◊

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