Clam Gulch is a very popular clamming beach in Alaska. On good low tides, clammers can easily gather 60 clams (the state limit). However, cleaning and preparing the clams is a slow and labor-intensive process, if done properly. There is considerable wastage of this clam resource due to improper preparation. Economists would explain this wastage by saying that:
a. clams are free goods and hence subject to the tragedy of the commons effect.
b. clammers need to be taught better preparation methods.
c. clammers are just lazy and ignorant. the cost of preparation is too high.
d. all of the above.

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.

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