- Question 28 1 Pts One Of The Key Reasons For Explaining The Case For Efficient Allocation Of Unregulated Resources Under 1 (61.96 KiB) Viewed 48 times
Question 28 1 pts One of the key reasons for explaining the case for efficient allocation of unregulated resources under perfect competition, for example of commercial fishing industry in the Oceans, is O MC - MR-P - Minimum ATC and also MR-MC-P-MU O MR-MC-P-MU OMC - MR-P - Minimum ATC O MR-MC only Question 29 1 pts The argument made by many marine biologists against unregulated commercial ocean fishing was the worst ecological disaster of modern times. Such a regulation on ocean fishing was supposed to be against the philosophy of free market system of efficiency. However, from the theory of welfare economics you have learned in this class, the case for supporting the regulated fishing activities in the ocean can be justified on the ground such as among others. OMSC (marginal social cost» MC under unregulated fishing market which is called the case of a negative externality OMSC<MC under unregulated fishing market O none of these answers are correct statements OMC - MR>Price under regulated fishing industry Question 30 1 pts A lighthouse is typically considered a good example of a public good because all passing ships are able to enjoy the benefits of the lighthouse without paying for it without affecting the usage by others who actually pay for it or not. O the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse. O a nearby port authority cannot avoid paying fees to the lighthouse owner. Othere is rarely another lighthouse nearby to provide competition.