Question

What statement below provides the best description of the supply curve for an artificially scarce good? There are two supply curves A downward-sloping line O A horizontal line An upward-sloping line A vertical line

Answer 1

Q1) option e)

for scarce good, supply Curve will be Vertical

Q2) option c)

at socially efficient level

SC Curve cuts RT curve

So at 32 fishing trips

Q3) option c)

in unregulated private market , PC curve cuts RT

So 53 trips