Property Rights for Fish from the Open Ocean

question 152

Multiple Choice

Property rights for fish from the open ocean

• A)do not exist.
• B)are established by the United Nations.
• C)exist once the fish are sold at market.
• D)exist once the fish are caught.

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Definitions:

Price Ceiling

A price ceiling is a government-imposed limit on the price charged for a product or service, intended to prevent prices from rising above a certain level.

Government

The organized body responsible for overseeing the political administration and governance of a state or nation.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given period.

Binding

A situation, typically in the context of contracts or agreements, where parties are legally obligated to adhere to the terms set forth.