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.
C
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If the CPI was 122.3 at the end of last year and 124.5 at the end of this year, the inflation rate over these two years was
A) 1.8 percent. B) 2.5 percent. C) 22.5 percent. D) 18.0 percent.
If in the market for oranges the supply has increased, then
A) the supply curve for oranges has shifted to the right. B) the supply curve for oranges has shifted to the left. C) there has been a movement upwards along the supply curve for oranges. D) there has been a movement downwards along the supply curve for oranges.