If Private Property Rights Were Established in the Oceans, There

question 23

Multiple Choice

If private property rights were established in the oceans, there would probably be

• A)more ocean pollution.
• B)less ocean pollution.
• C)the same amount of ocean pollution that exists without private property rights in the ocean.
• D)more ocean voyages on cruise ships.

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Definitions:

Nondiscriminating Monopolist

Refers to a monopolist who charges all consumers the same price for its product or service, as opposed to price discrimination practices.

Pure Monopolist

A market structure where a single seller controls the entire supply of a product or service, and no close substitutes exist.

Maximum Profits

The highest level of profit a firm can achieve when it operates at its most efficient production level and pricing strategy.

Price Discriminate

The practice of selling the same product or service at different prices to different customers, not based on differences in production costs.