If the extent to which common resources (such as fish in the sea)should be used is left to the private market:
A)resource use will be efficient and will maximize social welfare.
B)each individual will use the resource until his or her marginal benefit is equal to the marginal social cost.
C)the marginal social cost and each individual's marginal private cost will be the same.
D)the marginal social cost will be greater than the marginal private cost,and the resource will be overused.

Question

Quizplus · Accepted Answer

When common resources are left to the private market, individuals will only consider their own costs and benefits, not taking into account the costs to society. This means that the marginal private cost will be lower than the marginal social cost, leading to overuse of the resource. Therefore, option D is the best choice.

If the Extent to Which Common Resources (Such as Fish