Which of the following best describes the reason for over fishing in Canadian offshore fisheries?
A)Fishing has depleted fish stocks leading to smaller catches.
B)The private marginal cost incurred by current fishermen is less than the social marginal cost.
C)The private marginal cost incurred by future generations of fishermen is greater than the private marginal cost incurred by current fishermen.
D)The Canadian government encourages foreign fishing within the Canadian offshore boundary.
E)None of the above can explain overfishing.

Question

Quizplus · Accepted Answer

Overfishing occurs when the private marginal cost of fishing is less than the social marginal cost. In other words, current fishermen are more concerned about their own profits and not the impact of their actions on future generations or the environment. This leads to the depletion of fish populations and smaller catches.

Which of the Following Best Describes the Reason for Over