A fisher with an ITQ could sell it for the market price, so by not selling the

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A fisher with an ITQ could sell it for the market price, so by not selling the ITQ the fisher incurs an opportunity cost. The marginal cost of fishing, which now includes the opportunity cost of the ITQ, equals the marginal social benefit from the efficient quantity.

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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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