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Suppose a fisherman and a paper mill share a stream. If no-one owns the stream, the paper mill will discharge waste into the stream, making it unusable for the fisherman. If the fisherman owns the stream, he can prevent the mill from discharging into the stream, or allow the mill to discharge for a fee, if that is beneficial to him. The fisherman's willingness to pay for a clean stream is $1,000 The paper mill's cost to clean up the stream is $1,500 Hint: The fisherman and the paper mill can negotiate. What is the maximum price the paper mill will pay the fisherman for the right to discharge wastes in to the stream? Select one: a. $0 b. $500 c. $1000 O d. $1500 Clear my choiceSuppose a fisherman and a paper mill share a stream. If no-one owns the stream, the paper mill will discharge waste into the stream, making it unusable for the fisherman. If the fisherman owns the stream, he can prevent the mill from discharging into the stream, or allow the mill to discharge for a fee, if that is beneficial to him. The fisherman's willingness to pay for a clean stream is $1,000 The paper mill's cost to clean up the stream is $1,500 What is the minimum price the fisherman will accept from the paper mill to allow the paper mill to discharge pollution in to the stream? Select one: O a. $0 O b. $500 O c. $1000 O d. $1500In the highway example in class (also in the book), the negative externality of an additional driver on the highway Select one: O a. Comes in the form of extra commuting time for the other drivers b. Can be described as an "open access externality" where unrestricted use results in over exploitation O c. Can be explained by diminishing marginal returns. As number of people using the resource grows, the benefits from the resource increase at a slower rate. d. All of the above Clear my choice