An _____(ITQ) is a production limit that is assigned to an individual who is free to transfer the quota to someone else. A market in ITQs emerges. The market price of an ITQ is the highest price that someone is willing to pay for one. That price equals the marginal social benefit minus the marginal cost.. The market price of an ITQ confronts fishers with the full cost of their catch. The private marginal cost equals the marginal social cost. If the efficient quantity of ITQs is assigned, the market price of a quota confronts resource users with a marginal cost that equals the external cost at the efficient quantity. Figure 11.10 illustrates how ITQs work.