Hardin's "Tragedy of the Commons" is a particularly instructive example of how people manage common resources. What are the defining characteristics of common pool resources? Select one:

(A) a common pool resource is managed efficiently by large groups of people or firms

(B) non-Excludability and subtractability

(C) Accountability and monitoring

(D) Common use and privatization

Answer: Option B

Explanation: As per the "tragedy of commons", individuals often exploit the common resources as per their own will and degrades the resources for the common benefit of the society.

As per this theory, the resources for use share a common pool and are interdependent, therefore, no part of the pool could be excluded as it will affect all other resources.

Hence from the above we can conclude that the correct option is B.