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The table above shows the marginal social benefit of fishing in Mediterranean Sea. The marginal private cost of operating a fishing boat is the same
The table above shows the marginal social benefit of fishing in Mediterranean Sea. The marginal private cost of operating a fishing boat is the same for all producers, $300 per ton. The marginal social cost is twice the marginal private cost. With no government intervention, the equilibrium quantity of fish caught is ________ tons. What would the answer be if it said 1-5 tons on the left side of table and within the 100s on the right.
Tons of fish Marginal social benefit
(dollars per ton)
1 700
2 600
3 500
4 400
5 300
6 200
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