Refer to Figure 14.1. Other things equal, an increase in the Fed's concern about deviations of inflation from the target inflation rate is best represented as a movement from

Which of the following policies could be used to move the open-access equilibrium (OAE) of a common property fishery to the maximum economic yield (MEY)?

a. Quotas b. Individual tradeable quotas or permits c. License fees d. All of the above. e. None of the above.

A natural monopoly occurs when

a. patents protect a firm from competition b. copyrights protect a firm from competition c. advertising costs exceed fixed costs d. marginal cost exceeds marginal revenue e. average costs decrease over the whole range of market output