Four friends who love to ski decide to pool their financial resources and share

Question

Four friends who love to ski decide to pool their financial resources and share (equally) the cost of a one-week time-share condominium in economist would best explain this as Select one: red Alberta. Unfortunately, the condominium does not come with maid service. Everyone values clean dishes, but unwashed dishes pile up in t a. household behaviour of the invisible hand. b. a common resource problem. Oc. a problem similar to cost-benefit analysis for public projects d. a negative externality for whoever does the dishes.

Explanation / Answer

Four friends who love to ski decide to pool their financial resources and equally share the cost of a one-week time-share condominium in Alberta. Unfortunately the condominium does not come with maid service. Everyone values clean dishes, but the fact that unwashed dishes pile up in the ??? an economist would best explain this as

Answer – b. A common resource problem. It is an example of scarce resource problem.

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