If the extent to which common resources (such as fish in the sea) should be utilized is left to the private market, then:
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) each individual will use the resource until his or her marginal benefit is zero, and the resource will be overused.
Correct Answer:
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