Question

With resources, the equilibrium quantity can be collectively because the use of a common resource imposes a externality on others, and when the common resource is depleted, people who want use of the resource may not have it.

Answer 1

with common resources, the equilibrium quantity can be individually rational because the consumer of the common resource experiences individual benefits from use of the common resources

What is equilibrium?

Chemical equilibrium is the state in which both the reactants and products are present in concentrations that have no further tendency to change with time, resulting in no observable change in the system's properties.

The only thing that can change an equilibrium constant is temperature. If the pressure is changed, the position of equilibrium can be altered. The position of equilibrium moves in such a way that it tends to undo the change that you have made

When a reaction and its reverse reaction proceed at the same rate, this is referred to as chemical equilibrium. Both forward and reverse reactions occur as a system approaches equilibrium.

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