If Tuna in the Sea Are Open-Access Resources, They Will

question 59

Multiple Choice

If tuna in the sea are open-access resources, they will be used until the marginal value of additional use equals

• A)the marginal product of the resource
• B)the marginal revenue of the resource
• C)infinity
• D)negative infinity
• E)zero

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Definitions:

Administrative Expense

Expenses related to the general operation of a business, including executive salaries, legal and professional fees, and office supplies.

Variable Cost

Costs that fluctuate in direct proportion to changes in levels of output or activity within a business.

Fixed Cost

Expenses that do not change in total over a certain range of activity levels or time periods, such as rent, salaries, and equipment leases.

Administrative Expense

Costs associated with the general administration of a business, including salaries of senior executives, legal and financial fees, and other general expenses.