What do interventions like hunting or fishing licenses do to the market for deer or fish?
A. Distinguish why people can hunt or catch in that area.
B. Act as an incentive for agencies to get more profit.
C. Provide clear property rights to reduce overconsumption.
D. Add more costs to hunters which increases the number of hunters.
Answer: C
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What will be an ideal response?
The law of diminishing marginal returns implies that, in the short run the
a. output must fall beyond a certain point b. price must fall beyond a certain point c. marginal product of the variable input must eventually decrease d. wages of workers must eventually increase e. total cost must fall beyond a certain point
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What will be an ideal response?