An Increase in the Wages Paid to Fishermen Will Have

question 150

Multiple Choice

An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?

• A) Price will decrease, and quantity will decrease.
• B) Price will increase, and quantity will increase.
• C) Price will decrease, and quantity will increase.
• D) Price will increase, and quantity will decrease.
• E) Price and quantity will stay the same.

Follow standards for the use of numbers in writing.

Recognize and correct misuse of words.

Identify and correct spelling errors in English sentences.

Apply standards for the use of numbers in written text.

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Definitions:

Illegal Price-Fixing

An unlawful agreement between competitors to set prices at a certain level, generally resulting in unfair competition and higher prices for consumers.

DuPont Cellophane Case

The antitrust case brought against DuPont in which the U.S. Supreme Court ruled (in 1956) that while DuPont had a monopoly in the narrowly defined market for cellophane, it did not monopolize the more broadly defined market for flexible packaging materials. It was thus not guilty of violating the Sherman Act.

Relevant Market

The market segment in which a company competes, defined by its products, customers, and geographic area.

Structure Versus Behavior

A distinction in competition policy and economic regulation focusing on the organization and arrangements of firms (structure) versus their actual conduct (behavior) in the market.