The market for a common resource is shown to the right O2 is the eficient Market
ID: 1158834 • Letter: T
Question
The market for a common resource is shown to the right O2 is the eficient Market for Atlantic Salmon output level, not Q, as a result of overfishing In this example, what does S represent S2 O A. the private marginal cost of harvesting salmon O B. the social marginal benefit of harvesting salmon O C. the private marginal benofit of harvesting salmon ? D. the social marginal cost of harvesting salmon Q, Q Quantity harvested (pounds) ARD Cick to select your answer his set using rds RESS 1/36 Incomplete property rights or ina-Explanation / Answer
Answer D: the social marginal cost of harvesting salmon
It is the total cost that the society pays for the ptoduction of another unit of salmon. It is the impact that the economy will feel from the production of additional unit of salmon due to overfishing.
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