25. In what ways is the extraction of a non-renewable natural resource by a monopolist likely to differ from extraction by a competitive industry? What explains the differences?

26. In the context of a fishery, what is steady state? What role does a steady state play in the analysis of a non-renewable natural resource? What role does it play in the analysis of a fishery?

27. How do the steady-state stocks of fish compare in an open-access equilibrium versus a biological optimum (maximum sustained yield)? How do the steady state harvest levels compare in an economic optimum versus an open-access equilibrium? How does the steady state levels of effort compare in a biological optimum (maximum sustained yield) versus an economic optimum?

28. What are individual transferable quotas (ITQs) in a fishery? How does an ITQ system differ from the types of fishery regulations that preceded it? Why is an ITQ system considered an improvement from an economic perspective?