How can the market failure be addressed

Reference no: EM132200797

Question: When traveling to Hawaii, visitors are required to complete declaration forms to officially state they are not bringing plants or animals to the island. This is a precaution against invasive species. Suppose someone smuggles their pet Burmese python to the island, and lets it escape.

(a) What impact will this have on the local poultry industry? (Assuming that chickens would be attractive prey to the snakes)

(b) Is the market equilibrium welfare-maximizing?

Reference no: EM132200797

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