What do we mean by "common" property? What are some examples? What are the three phases of a total product curve for a common property resource? How do we determine the economic optimum level of production with a common property resource? How will this differ from the open access equilibrium? What is the tragedy of the commons? How might this problem be avoided? How can a license fee be used to improve economic efficiency? How can the price of the license fee be determined? How can transferable permits be used to improve economic efficiency? What is the advantage of using tradable permits instead of a license fee? Will free markets tend to produce a sufficient supply of public goods? Why is vertical addition of demand curves preferable to horizontal addition? What is the free rider effect and why is it relevant to public good issues? What are global commons? What special considerations might be required for managing a global commons?