Question: 3. Technological Resource Stock Externality. Please explain the technological resource stock externality that occurs under the market failure arising with open access. Please explain your

3. Technological Resource Stock Externality. Please explain the technological resource stock externality that occurs under the market failure arising with open access. Please explain your answer using an equation that is expressed in terms of either the average and marginal products of effort or the average and marginal revenue products for the individual fisher and the industry taken as a whole. (14 points)

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