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Bluefin tuna is a fish that is in high demand from consumers. Overfishing of this species, particularly in the Mediterranean Sea, has led to the
Bluefin tuna is a fish that is in high demand from consumers. Overfishing of this species, particularly in the Mediterranean Sea, has led to the strong possibility of extinction. The graph illustrates the marginal social cost (MSC), marginal private cost (MPC), and marginal social benefit (MSB) for a hypothetical representation of the Bluefin tuna market. Use the graph to answer thequestions.
If this market is unregulated, what will be the equilibrium price andquantity?
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