Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

describeing efficient allocation of resources in competitive market and unregulated competitive market.

"Most commercial fish species in nearly every ocean and sea are being rapidly depleted in illustrate what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the world's 15 million fishermen and 23 million tons of fishing vessels represent twice as much fishing power as major stocks of fish can sustain."

Suppose which ocean fishing resembles a competitive market in the subsequent ways...there are no significant barriers to entry and there are enough individual fishermen so which none of them can affect the market price of fish.

a) describe why competitive markets normally lead profit maximizing companies to make choices about resource use which lead to an "efficient" allocation of resources to the market?

b) If unregulated competitive markets promote "efficient" patterns of resource use, why has unregulated competition led to such serious over allocation of resources to fishing?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917146

Have any Question? 


Related Questions in Business Economics

Consider a firm with an ebit of 1011000 the firm finances

Consider a firm with an EBIT of $1,011,000. The firm finances its assets with $4,720,000 debt (costing 7.1 percent) and 211,000 shares of stock selling at $15.00 per share. To reduce risk associated with this financial l ...

Please answer the below question 2 paragraphs atleast

Please answer the below question 2 paragraphs atleast. Please provide references. Do not submit a copy pasted work from online. Does a competitive firm’s price equal its marginal cost in the short run, in the long run, o ...

In april 2000 the seasonally adjusted unemployment rate was

In April 2000, the seasonally adjusted unemployment rate was 3.8%. By June 2001, the unemployment rate has increased to 4.5% yet the measures by the fedreal reserve tlo reduce short-term interest rates were taken in stag ...

Imagine that every time you try to use your word-processing

Imagine that every time you try to use your word-processing program while running Windows 7, your system slows down or freezes. Which Windows monitoring tool (Windows Task Manager, Resource Monitor, Performance Monitor, ...

Choose two personal goals and two professional goals

Choose two personal goals and two professional goals related to developing a healthy mind. Describe the goals and brainstorm ideas for achieving the goals. Incorporate some real life examples and ways you can work on ach ...

Stan moneymaker needs 13 gallons of gasoline to top off his

Stan Moneymaker needs 13 gallons of gasoline to top off his? automobile's gas tank. If he drives an extra eight miles? (round trip) to a gas station on the outskirts of? town, Stan can save ?$0.06 per gallon on the price ...

A firm in a purely competitive industry has a typical cost

A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 6 percent. This firm is earning $5.50 on every $50 invested by its founders. Instructions: Enter your answ ...

As you move from left to right along a production

As you move from left to right along a production possibilities frontier (PPF) that is bowed out from the origin, the opportunity cost of producing the product on the horizontal axis increases. As you move from right to ...

An investor estimates that investing euro5 million in a

An investor estimates that investing €5 million in a particular venture capital project can return $40 million at the end of five years if it succeeds; however, she realizes that the project may fail at any time between ...

Home has 1200 units of labor available it can produce two

Home has 1200 units of labor available. It can produce two goods: indigo and tobacco. The unit labor requirement of indigo is 3, while in tobacco production the unit labor requirement is 2. What is Home's opportunity cos ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate