The granite boulders in Rocky Mountain National Park are a favored place among talented climbers who specialize in the art of bouldering, or climbing harder (but shorter) routes without tying into a rope.
Climbers have taken to (illegally) stashing foam crash pads underneath the boulders but marmots and other rodents chew up the pads and the litter is spread by the wind. To limit overuse of this park, suppose a limited number of permits are sold each year to climbers who can sell them at any time to other climbers. This method of achieving efficient use of a common resource is most like what government policy? A) Production quota
B) Property right
C) Individual transferable quota
D) Marginal social benefit right
Question 2
If the firm in the figure above is unregulated, it will charge a price of
A) 5 per unit.
B) 25 per unit.
C) 40 per unit.
D) 20 per unit.
Frederick Law Olmsted and Calvert Vaux, Central Park, New York City.