Consider the Following Problems: Overcrowded Public Highways, Overfishing in the Ocean

Multiple Choice

Consider the following problems: overcrowded public highways, overfishing in the ocean, polluted air, and the near-extinction of the wild rhinoceros. What do these problems have in common?

A) Private markets could easily solve them if governments left the markets alone.
B) They would all go away if the government sponsored an intensive public-information campaign.
C) They are all the result of a failure to establish clear property rights over something of value.
D) They are all the result of a failure of corrective taxes.