(a) (10 marks) If everyone has free access to a fishery that is unowned by any person, group or government, fully analyze the dilemma that results. How might the users of the fishery efficiently manage access? What are the alternative arrangements the users could make? Is it possible to have an efficient arrangement?

(b) (10 marks) Would it be more optimal or efficient for a government to own the fishery. Fully explain how a government agency could achieve both private efficiency and social efficiency in managing the fishery?