Figure 5.7 Figure 5.7 Shows the Market for Atlantic Salmon, a Common

Multiple Choice

Figure 5.7

Figure 5.7 shows the market for Atlantic salmon, a common resource. The current market equilibrium output of Q₁ is not the economically efficient output. The economically efficient output is Q₂.
-Refer to Figure 5.7.The current market equilibrium output is partly the result of overfishing.In that case, what does S₁ represent?

A) the private marginal benefit of harvesting salmon
B) the social marginal benefit of harvesting salmon
C) the private marginal cost of harvesting salmon
D) the social marginal cost of harvesting salmon