The Case in Point on Saving the Elephant Suggests That

question 121

Multiple Choice

The Case in Point on Saving the Elephant suggests that:

• A)elephants in many parts of Central Africa are a common property resource.
• B)common property resources are often used or exploited beyond the efficient level.
• C)granting villagers exclusive and transferable property rights to elephants may be an effective tool in reducing the extent of poaching and illegal hunting of elephants.
• D)all of the above are true.

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Definitions:

MSC (Marginal Social Cost)

The complete expense incurred by society for the production of one more unit of a good or service, encompassing both individual costs and any external effects.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both private costs and externalities.

Society

A large group of individuals who live in the same area, share a common culture, norms, and values, and are organized in a cooperative manner.

Negative Production Externality

A situation in which the production of goods or services imposes costs on third parties not involved in the transaction, often not reflected in market prices.