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Economics

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12. What is the typical relationship between the economically efficient stock of fish (S*), the stock of fish given a "maximum sustained yield" strategy (Smsy), and the stock of fish in an open-access resource fishery with no government involvement (S.)? a. S* is higher than S, but lower than Smsy. b. So is lower than both S, and Smsy. c. S* is higher than both So and Smsy. d. So is lower than S, but higher than Smsy.