Refer to the Following Scenario to Answer the Questions That

question 26

Multiple Choice

Refer to the following scenario to answer the questions that follow.
Five fishermen live in a village and have no other employment or income-earning possibilities besides fishing. They each own a boat that is suitable for fishing but does not have any resale value. Fish are worth $5 per pound, and the marginal cost of operating the boat is $500 per month. They all fish a river next to the village. According to the following schedule, they have determined that, when there are more of them out on the river fishing, they each catch fewer fish per month.

-How many fishermen will choose to operate their boats?

• A) 1
• B) 2
• C) 3
• D) 4
• E) 5

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Definitions:

Organizational Approach

A strategy or method employed by a company or institution towards achieving its goals, which involves structuring, managing, and optimizing its resources and processes.

Team Skills

The abilities and competencies that enable individuals to work effectively as part of a group.

Project Execution Phase

The stage in project management where the plan is put into action and the work required is performed.

Project Sponsor

An individual or group that provides financial resources for a project and supports its initiation, planning, and execution.