The figure below illustrates the market for North Atlantic tuna, a common resource.
Price and cost (dollars per ton)
300
250
200
150
100
50
0
40
$S_2$
80
$S_1$
MSB
120
Quantity (tons per month)
What is the quantity of tuna that fishers catch and the price of tuna?
The equilibrium quantity of tuna is 80 tons, and the equilibrium price is $100 per
ton.
The equilibrium quantity of tuna is 40 tons, and the equilibrium price is $150 per
ton.
The equilibrium quantity of tuna is 40 tons, and the equilibrium price is $50 per
ton.
The equilibrium quantity of tuna is 80 tons, and the equilibrium price is $150 per
ton.
The equilibrium quantity of tuna is 120 tons, and the equilibrium price is $50 per
ton.
