The historical example of whaling challenges the assumptions of the Market Response Model because: Question 12 options: 1) Whales were already on the brink of extinction by the time prices reached their highest point. 2) The history of whale conservation actually demonstrates that the imposition of regulations on sperm whale fishing and prohibitions on whaling is what helped populations to stabilize. 3) The switch to fossil fuels and coal has not been good for the environment. 4) All of the above