-The Table Above Shows the Marginal Social Benefit of Fishing

question 61

Multiple Choice

-The table above shows the marginal social benefit of fishing in Mediterranean Sea.The marginal private cost of operating a fishing boat is the same for all producers,$300 per hour.The marginal social cost is twice the marginal private cost.With no government intervention,the market is

• A) catching the efficient quantity of fish.
• B) underproducing by 100 tons of fish.
• C) underproducing by 300 tons of fish.
• D) overproducing by 300 tons of fish.
• E) overproducing by 200 tons of fish.

Analyze the role of substances such as drugs and alcohol in public health.

Assess the impacts of social networks, lifestyles, and stress on health.

Understand the role of public health initiatives and personal responsibility in preventing disease.

Critique the portrayal and effects of health behaviors in media and advertising.

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Definitions:

Government Failure

Occurs when the government becomes the tool of the rent seeker and the allocation of resources is made even less efficient by the intervention of government.

Profit-maximizing Number

The output level at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Rent Seeker

An individual or entity that seeks to increase their share of existing wealth without creating new wealth, often through manipulation of the economic environment.

Public Choice Theory

A framework that analyzes how public decisions are made, focusing on the behavior and interests of voters, politicians, and bureaucrats.