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1) Why is everyone's property no one's property? 2) What are the benefits and shortcomings of...

1) Why is everyone's property no one's property?

2) What are the benefits and shortcomings of Monopoly?

3) Describe a long term plan to increase wages.

4) Give 3 examples of Public Choice?

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Answer #1

Question 1

A property is said to belong to a person when he or she has property rights over that property.

If a property is common or everyone has right to use that property then in that case that property belongs to everyone.

When a property belongs to everyone, no one takes care of property as cost associated with taking care does not get reflected in the benefits received as benefits are shared by all.

So, nobody utilize property in efficient or sustainable manner.

Due to this reason, everyone's property is no one's property.

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