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Fish that swim in international waters are a common good that are freely available to anyone who wants to catch them, but this leads to
Fish that swim in international waters are a common good that are freely available to anyone who wants to catch them, but this leads to the problem of over-fishing. At the heart of this problem lies an externality. Using appropriate diagrams and accompanying discussion, show both how and why this over-fishing takes place. In your explanation, identify the source of the externality. E.G THE UK
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