Fishing boats from many nations harvest bluefin tuna

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Unformatted text preview: private marginal cost of Un producing rubber will increase 97. Bluefin tuna travel in schools throughout the world's oceans. Fishing boats from many nations harvest bluefin tuna as the schools migrate through their national waters. The schools of bluefin tuna are best described as: A) a common resource. B) a private good. C) a public good. D) an artificially scarce resource. 98. If an individual's consumption of a good directly affects others, the individual will always consume either too much or too little of the good from a social efficiency perspective. A) True B) False 99. I care about only two things: scotch and Swiss chocolate bars. Consider my utility function and indifference curves. My utility function looks like a mountain such that my indifference curves are circles and the quantities of both commodities are positive at the top of the mountain. Which of the following statements is both correct and most informative? A) Chocolate starts off as a good and then becomes a bad B) Scotch is initially a bad but then becomes a good. negative positive C)...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.

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