-The Table Above Shows the Marginal Social Benefit of Fishing

question 49

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 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.

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Definitions:

Systema Naturae

The work by Carl Linnaeus that laid the foundations for the modern scheme of binomial nomenclature and classification of organisms, first published in 1735.

Carolus Linnaeus

A Swedish botanist, zoologist, and physician who laid the foundations for the modern scheme of binomial nomenclature.

Aristotle

An ancient Greek philosopher and polymath during the Classical period in Ancient Greece who made contributions to numerous fields of science and knowledge, including biology, ethics, logic, and politics.

Thomas Malthus

An English economist and demographer, known for his theory that population growth will always outpace the food supply, leading to societal collapse.