What is an individual transferable quota (ITQ)?
What will be an ideal response?
An ITQ is a production limit that is assigned to an individual who is free to transfer the quota to someone else. An ITQ is used in a market where there are common resources that might otherwise be overused.
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A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost
a. True b. False Indicate whether the statement is true or false
When good X is produced, some people benefit. A free-rider problem arises when
a. the number of people who benefit is small and it is impossible to prevent anyone from benefiting. b. the number of beneficiaries is small and it is possible to prevent some people from benefiting. c. the number of beneficiaries is large and it is impossible to prevent anyone from benefiting. d. the number of beneficiaries is large and it is possible to prevent some people from benefiting.
Is rational self-interest the same thing as selfishness? Explain
Please provide the best answer for the statement.
Why is trade based on comparative advantage?
What will be an ideal response?