Describe the fishing market using what you have learned about scarcity, marginal analysis in decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of this as an explanation of the pros and cons of the market using economic terminology.

Describe the benefits and costs but leave the discussion of catch shares and other solutions to the problems in this market for later drafts. DO NOT discuss catch shares, only discuss the fishing market without any interventions.
Expand your discussion of the market from Part I, using what you have learned about market failures/problems and the feedback you received. Discuss why the market failure occurs and include the correct graph.

Consider catch shares and the positive aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other positive aspects of catch shares that you find through your own research.
Consider catch shares and the negative aspects of this government intervention. Add to your discussion of catch shares using what you have learned about how monopolies make pricing and output decisions, and how and why market power is a problem, in addition to the feedback you received. Include any other negative aspects of catch shares that you find through your own research.

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