What is the economic meaning of the phrase, \"the tragedy of the commons\"? Ques

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What is the economic meaning of the phrase, "the tragedy of the commons"?

Question 16 of 17 sapling learning What is the economic meaning of the phrase, "the tragedy of the commons"? It serves the common good to produce items that are neither rivalrous nor excludable, but tragically, private firms are unlikely to produce non- excludable goods. O Commonness is boring, and so government action to create variety in goods and services have positive spillover effects. In decisions involving intellectual property rights, policy-makers must compromise in order to reach common ground among competing interest groups. Goods that are not rivalrous but are excludable are commonly underproduced, often with tragic consequences. People will overuse or misuse a common resource that is not excludable but rivalrous

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What is the economic meaning of the phrase, "the tragedy of the commons"? Ques

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