Lionfish Is an Aquatic Invasive Species in the Southeastern U

question 80

Multiple Choice

Lionfish is an aquatic invasive species in the southeastern U.S.and the Caribbean.Current removal policies focus on harvesting the lionfish for human consumption.However,a fishing license is required to fish in most southern states.Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P,where and P = price of a fishing license,and the demand for fishing licenses is Qd = 1400 - 60P.What is the equilibrium price and quantity of fishing licenses when L = 10,000?

• A) P = $8.5, Q = 890
• B) P = $13, Q = 620
• C) P = $13.5, Q = 590
• D) P = $13.5, Q = 591

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