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