A clearly defined property rights satisfies 4 (four) conditions. List and describe the conditions. What is cap and trade? Discuss how it works. [5 marks] Using a graph, show and explain the economically sustainable yield, maximum sustainable yield, and the open access level of fishing effort. [5 marks] Briefly explain why weak institutions and regulatory structures is one of the major problems associated with environmental policy in developing countries. [5 marks] Using appropriate examples, critically discuss the difference among public good, quasi-public good, open access good, and private good. [5 marks] Consider the rivalry and excludability of each of the following goods. Use this information to determine whether the goods are public goods, private goods, common resources, or quasipublic. (a) Fish in the lake [2 marks] (b) Uncongested highway (no tolls) [2 marks] (c) Cable television (example DSTV) [1 marks]