In Fisheries Theory, Compensation Refers to

question 4

Multiple Choice

In fisheries theory, compensation refers to

• A) The increase in species when you fish more
• B) The decline in a fishery when you impose size limits
• C) The decline in fish population growth when fishing increases past an upper threshold
• D) A decline of fish population growth at very low density

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Definitions:

Lower Wages

Reduced compensation for work performed, often relative to previous levels or compared to industry standards.

Unions

Organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively.

Marginal Product of Labor

This refers to the additional output a firm gains from hiring one more unit of labor, holding all other factors constant.

Surplus

Surplus refers to the situation where the quantity of a product or service supplied in a market exceeds the quantity demanded at the current price.