Alaska king crab fishing in the 1960s and 70s was a dangerous but rich fishery. Boats from as far away as California and Japan braved the treacherous Gulf of Alaska crossing to reach the abundant king crab beds in Cook Inlet and Bristol Bay. Suddenly, in the early 1980s the fishery crashed due to over fishing. All crabbing in those areas ended. To this day, there is no crabbing in Bristol Bay or Cook Inlet.
a. How would an economist explain the decline of the Alaska king crab fishery?
b. Explain two programs you could institute to protect the fishery and still allow some crabbing again.
c. Canadians have been very successful in farming salmon in coastal fiords along the coast of British Columbia. Why have they been successful with salmon when the crab fishery crashed?