a. What is the quantity of Newfoundland cod fish that fishers catch and the price of Newfoundland
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a. What is the quantity of Newfoundland cod fish that fishers catch and the price of Newfoundland cod fish? Is the Newfoundland cod fish stock being used efficiently? Explain why or why not.
b. What would be the price of Newfoundland cod fish if the stock of Newfoundland cod fish were used efficiently?
The figure illustrates the market for Newfoundland cod fish.
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