In an attempt to reduce poaching of elephant tusks for ivory, officials in Kenya burned illegally gathered ivory. Economists tend to point out that
a. poaching can be reduced with price supports for ivory.
b. the supply of ivory has fallen, leading to an increase in price and reward for poaching.
c. burning ivory decreases demand, leading to lower prices and reward for poaching.
d. the demand for ivory is higher, leading to an increase in price and reward for poaching.
e. burning ivory raises demand, and controlled prices will lead to even greater poaching.
b
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In the long run, a monopolistically competitive firm:
a. will earn normal profits. b. will earn excess profits. c. will earn no profits. d. will produce where marginal cost equals price.
Because government services are not sold in markets,
A) they are excluded from measurements of GDP. B) the government tries to estimate their market value and uses this to measure the government's contribution to GDP. C) they are valued at their cost of production. D) taxes are used to value their contribution.