Multiple Choice
Suppose that the lobster harvest is unregulated,and any person with a boat can go offshore,lower a lobster trap,and harvest lobster.This common resource will likely be _____ because the marginal social cost of harvesting lobsters _____ the market price of lobster.
A) overfished;is equal to
B) overfished;is less than
C) efficiently fished;is equal to
D) overfished;exceeds
Correct Answer:
Verified
Correct Answer:
Verified
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