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Author Question: The Commons Problem arises because A) firms don't maximize profits. B) social and private ... (Read 184 times)

jlmhmf

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on: Jul 1, 2018
The Commons Problem arises because
 
  A) firms don't maximize profits.
  B) social and private incentives are not aligned and property rights are missing.
  C) social cost equals private cost and property rights are missing.
  D) social benefit equals private benefit and property rights are missing.

Question 2

Fishermen on the East Coast are using lobster traps out of which most of the lobsters that enter can escape. Why?
 
  A) It will make over-fishing less likely.
  B) They can't come up with better traps.
  C) They are not educated enough to maximize profit.
  D) They catch more lobsters this way.
Microeconomics ¦ Perloff ¦ 8th Edition
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morrie123456

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A


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