Final answer:
The industry supply curve under open-access is derived by solving for equilibrium levels of effort and harvest at various prices. Firms can easily supply any quantity that consumers demand.
Step-by-step explanation:
The industry supply curve under open-access is derived by solving for equilibrium levels of effort and harvest at various prices. In this type of industry, the supply curve is very elastic, meaning firms can easily supply any quantity that consumers demand. To find the equilibrium, you need to determine the point where the quantity supplied equals the quantity demanded at a given price. As an example, consider a fishing industry where the market demand for fish increases. This leads to an increase in the equilibrium price, causing more fishermen to enter the industry and increase their effort and harvest.