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Author Question: Scientists have said for years cod was so seriously overfished in European Union waters that there ... (Read 51 times)

future617RT

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on: Jun 29, 2018
Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse. Why would overfishing occur in this common market?
 
  A) Fishing occurs until marginal cost per boat equals marginal social benefit which is inefficient.
  B) Fishing occurs until marginal social cost per boat equals marginal social benefit which is inefficient.
  C) Fishing occurs until marginal cost per boat equals marginal benefit which is inefficient.
  D) Fishing occurs until marginal social cost per boat equals marginal cost which is inefficient.

Question 2

What can we say about the employment of resources if the economy is at a point inside its production possibility frontier?
 
  What will be an ideal response?


djofnc

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

If the economy is at a point inside its production possibility frontier, this implies that there is either unemployment of resources or productive inefficiency.


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