Because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. At first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the restriction was in place. Which of the following principles of economic interaction best describes this scenario? O Markets usually lead to efficiency. O There is a tradeoff between equality and efficiency. When markets do not achieve efficiency, government intervention can improve overall welfare. O Markets allocate goods effectively.
Because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. At first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the restriction was in place. Which of the following principles of economic interaction best describes this scenario? O Markets usually lead to efficiency. O There is a tradeoff between equality and efficiency. When markets do not achieve efficiency, government intervention can improve overall welfare. O Markets allocate goods effectively.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter14: Environmental Economics
Section: Chapter Questions
Problem 17SQ
Related questions
Question
question attached!
![Because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. At
first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming
outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the
restriction was in place.
Which of the following principles of economic interaction best describes this scenario?
Markets usually lead to efficiency.
There is a tradeoff between equality and efficiency.
When markets do not achieve efficiency, government intervention can improve overall welfare.
Markets allocate goods effectively.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F29c247b5-00d8-4121-b335-86183fa61805%2Fb8a23a1f-ff63-4009-9de5-1bfab6f48d22%2Ftmx2vhs_processed.png&w=3840&q=75)
Transcribed Image Text:Because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. At
first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming
outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the
restriction was in place.
Which of the following principles of economic interaction best describes this scenario?
Markets usually lead to efficiency.
There is a tradeoff between equality and efficiency.
When markets do not achieve efficiency, government intervention can improve overall welfare.
Markets allocate goods effectively.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613040/9781337613040_smallCoverImage.gif)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613040/9781337613040_smallCoverImage.gif)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![ECON MACRO](https://www.bartleby.com/isbn_cover_images/9781337000529/9781337000529_smallCoverImage.gif)