Bluefin Tuna Travel in Schools Throughout the World's Oceans

question 47

Multiple Choice

Bluefin tuna travel in schools throughout the world's oceans. Fishing boats from many nations harvest bluefin tuna as the schools migrate through their national waters. The schools of bluefin tuna are best described as:

• A) a private good.
• B) a public good.
• C) an artificially scarce resource.
• D) a common resource.

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Definitions:

Economic Profit

The surplus left after subtracting total costs from total revenue, taking into account both explicit and implicit costs.

Total Revenue

The overall amount of money generated by a business from its sales of goods or services, calculated by multiplying the selling price by the quantity sold.

Maximizes Profits

The strategy employed by firms to achieve the highest possible profit from their operations, often through increasing revenue, reducing costs, or both.

Monopolistically Competitive

A market structure characterized by many firms selling products that are substitutes but differentiated from one another.