For some fisheries in the U.S., the state or federal government imposes gear restrictions that limit the size of boats, nets, or other equipment that may be used to harvest the fish in a given body of water.
The purpose of the gear restrictions is to: A) prevent everyone from using the common property resource (fish).
B) make it harder for other members of society to harvest the resource. This reduces the opportunity cost of the resource for other members of society, and the marginal social cost is closer to the private cost.
C) increase the private cost of using the resource so that the private cost is closer to the marginal social cost.
D) maintain traditional ways of harvesting fish, which is valuable for promoting tourism.
Question 2
If the law of diminishing returns applies to labor then
A) the marginal product of labor must eventually become negative.
B) the average product of labor must eventually become negative.
C) the marginal product of labor must rise and then fall as employment rises.
D) the average product of labor must rise and then fall as employment increases.
E) after some level of employment, the marginal product of labor must fall.
Events of the postabsorptive state.
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