Assume the government is concerned about the high price of Atlantic Red Crab and announces that it is going to shorten the fishing season to one week

What impact will this have on the quantity of crab caught and the price of crab? Will this actually result in greater protection of the Atlantic Red Crab?

It is likely to lead to a "race to fish" as many of the fisherman know that they much catch as much fish as they can during the shorter season. The price of the crab is also likely to rise as the cost of catching them has gone up. In fact fishermen may employ more workers to get the job done and may even have to fish in inhospitable conditions to catch the crab. This may require that they pay the fishermen more money. This is not likely to result in greater protection of the Atlantic Red Crab.

Economics

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Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 24 for the last pound of mangos purchased and 10 for the last pound of bananas

To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only mangos.

Economics

When a tax is imposed on a good for which both demand and supply are very elastic, a. sellers effectively pay the majority of the tax

b. buyers effectively pay the majority of the tax. c. the tax burden is equally divided between buyers and sellers. d. None of the above is correct; further information would be required to determine how the burden of the tax is distributed between buyers and sellers.

Economics