Final answer:
The demise of northern cod stocks is a prime example of the a. tragedy of the commons, where individual fishers' lack of incentive to conserve commonly held resources leads to their overexploitation and eventual collapse, as seen with the western Atlantic cod fishery.
Step-by-step explanation:
The demise of northern cod stocks is an example of the a. tragedy of the commons. This economic principle explains that resources held in common will likely be over-exploited because individual users have little incentive to exercise restraint, leading to unsustainable harvesting and potential collapse of the resource.
The western Atlantic cod fishery experienced a dramatic collapse due to overfishing enabled by modern technology and open access to the fishery, which were not sufficiently regulated to prevent the depletion of the cod population.
Despite regulations, economic and political pressures often lead to overexploitation of fisheries, exemplifying the tragedy of the commons.