The 'Tragedy of the Commons' occurs when a resource is both excludable and non-rivalrous, leading to its over-exploitation by private monopolies.

Answer: False

The Tragedy of the Commons specifically applies to 'Common-Pool Resources,' which are *non-excludable* (it is difficult to stop people from using them) but *rivalrous* (one person's use diminishes another's ability to use it). Examples include open-ocean fisheries, public grazing lands, and clean air. Because individuals act in their own self-interest to extract as much as possible before others do, the shared resource is inevitably depleted or destroyed.