Figure 1514 Figure 15

Multiple Choice

Figure 15.14 Figure 15.14 shows the market for Atlantic tuna, 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 15.14.The current market equilibrium output is partly the result of overfishing.In that case, what does S₁ represent?

A) The private marginal cost of harvesting tuna
B) The social marginal cost of harvesting tuna
C) The private marginal benefit of harvesting tuna
D) The social marginal benefit of harvesting tuna