The individual transferrable quota system (ITQ) used to control overfishing is a variation of
A) the tragedy of the commons.
B) a prisoner's dilemma game.
C) the cap-and-trade system.
D) a negative externality.
C
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GDP overstates our economic well-being
a. when household services are ignored b. when it fails to account for the underground economy c. when there are technological improvements d. when people litter e. when people moonlight
Doctors in private health care clinics provide better care than those in public clinics because:
A. they are better trained. B. their fixed salary is generally higher than the fixed salaries of public clinic doctors. C. they have more incentive to practice good medicine. D. their facilities are generally much more updated than public facilities.
The slope of the demand curve conveys all the useful information about elasticity.
Answer the following statement true (T) or false (F)
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
a. produce the output level at which price equals long-run marginal cost. b. operate at minimum long-run average cost. c. overutilize its insufficient capacity. d. produce the output level at which price equals long-run average cost.