The 'tragedy of the commons' describes a situation in which individuals, acting independently and rationally according to their own self-interest, deplete a shared limited resource, even when it is clear that it is not in anyone's long-term interest for this to happen. This concept has been applied to various phenomena, from overfishing to air pollution, highlighting the challenges of managing collective resources. The primary purpose of the passage is to:
✓ Correct Answer: Option B
The passage explicitly defines 'the tragedy of the commons' and then provides examples of its application ('from overfishing to air pollution'), thereby defining and illustrating an economic principle.