How Has the Average Per Capita World Fish Catch Changed

question 48

Multiple Choice

How has the average per capita world fish catch changed over the last several decades?

• A) It has been climbing steadily since the 1950s.
• B) After declining in the 1960s, it has increased sharply since 1970.
• C) It has stayed at 1960 levels.
• D) It increased steadily to about 1970, and then declined.

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Definitions:

Economies Of Scale

The cost per output unit tends to decrease as the operational scale increases, providing companies with financial advantages due to their size.

Competitively Organized Industry

An industry structure where numerous firms compete with each other to sell similar but not identical products.

Collusively

In a manner where firms in an industry work together secretly to set prices or otherwise manipulate market conditions to their advantage.

ATC Schedule

A tabulation of average total costs at different levels of output, showing how costs vary with changes in output.