8. The tragedy of the commons is the
(A) undersupply of a public good due to people not wanting to pay for a publicly common good.
(B) disappearance of certain markets due to the lack of willingness to pay by individuals, leadingto collective misfortune.
(C) depletion of a common resource due to individually rational but collectively inefficient over-consumption.
(D) notion that common resources are generally under consumed and therefore not produced bysuppliers due to artificially low demand.