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The Massive Decline of a Particular Fishery in New England

question 33

Multiple Choice

The massive decline of a particular fishery in New England waters caused the unemployment of numerous fishers and related workers in the United States and Canada in the 1980's.To date,this fishery has not recovered.Which fishery is this?


Definitions:

Market Entry

The process or strategy by which a company enters a new market, facing and overcoming barriers to entry.

Market Price

the current price at which a good or service can be bought or sold, determined by supply and demand forces in the market.

Average Total Cost

The sum of fixed and variable production costs divided by the total amount of produced goods.

Long-run

A time period in which all factors of production, including capital, are variable, allowing full industry adjustment.

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