The Key Difficulty with Fishery Management Is That

question 55

Multiple Choice

The key difficulty with fishery management is that

• A) the only way to establish property rights over a fish swimming in the ocean is to catch and kill it.
• B) fishery management deals with live resources while forestry does not.
• C) it deals with a nonrenewable resource.
• D) there are so many types of fish, and they're found in so many locations.

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Definitions:

Total Costs

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Variable Costs

Costs that vary directly with the level of production or sales volume.

Fixed Costs

Costs that do not vary with the level of output or production, such as rent or salaries.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.