Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse. Why would overfishing occur in this common market?
A) Fishing occurs until marginal cost per boat equals marginal social benefit which is inefficient.
B) Fishing occurs until marginal social cost per boat equals marginal social benefit which is inefficient.
C) Fishing occurs until marginal cost per boat equals marginal benefit which is inefficient.
D) Fishing occurs until marginal social cost per boat equals marginal cost which is inefficient.
C
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Over the past several decades, federal transfer payments as a fraction of GDP have trended upward
a. True b. False
Refer to the graphs shown. Suppose the price of a good that is a substitute in both consumption and production for the good depicted in the graph falls. The expected shifts in supply and demand are shown in:
A. a. B. b. C. c. D. d.
If the price of a good changes but everything else influencing suppliers' planned sales remains constant, there is a
A) new supply curve that is to the right of the initial supply curve. B) new supply curve that is to the left of the initial supply curve. C) movement along the supply curve. D) rotation of the initial supply curve around the initial price.
The principle of comparative advantage states that a country should specialize in the production of those goods that have the highest opportunity costs
a. True b. False Indicate whether the statement is true or false