There Have Been Severe Problems in the Atlantic Fishing Industry

question 102

Multiple Choice

There have been severe problems in the Atlantic fishing industry, with large falls in the fish stocks. As a result,

• A)the price of fish will fall.
• B)the quantity of fish sold will increase as fishermen will catch more to make up for the shortage.
• C)the equilibrium price and the equilibrium quantity will fall or rise depending on how large the fall in fish stocks.
• D)both the equilibrium price and the equilibrium quantity will rise, as consumers will desire even more fish, because they are scarce.
• E)the fall in the fish stocks will lead to a shortage, a rise in the equilibrium price and a decrease in the equilibrium quantity.

Comprehend the concept of economies and diseconomies of scale and their impact on the firm's cost structure.

Understand the conditions under which a firm should continue operations or shut down in the short run.

Apply basic cost concepts to calculate costs, including ATC, AVC, and marginal cost given specific data.

Describe the effect of output changes on fixed, variable, and total costs.

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Definitions:

Performance Appraisal

A systematic evaluation process in which an employee's job performance is assessed and discussed, typically for decisions regarding promotions, compensations, or developmental needs.

Electronic Cottage

A concept where individuals work from home, using technology to perform their jobs, instead of commuting to a traditional office.

Alternative Work Arrangements

Employment setups that differ from traditional full-time, on-site roles, including remote work, flexible schedules, and part-time positions.

Compressed Workweek

A schedule that allows employees to work their required hours over fewer days, such as four 10-hour days.