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When ocean fisheries began, the most sought-after species were top predators such as bluefin tuna, orange roughy, and Chilean sea bass.These fisheries have now collapsed, and fishermen have responded by "fishing down the food chain," that is, taking smaller species from lower levels.If the trend of overharvesting continues at these lower trophic levels, what will the likely effect on ocean food webs be?
Total Cost Curve
A graphical representation of the total cost of production, which shows how total cost changes as the quantity of output changes.
Typical Firm
A representative entity in an industry or market that reflects the common attributes of businesses within that context.
Short Run
A period in economics where at least one input is fixed, meaning that firms can adjust production levels but not capacity.
Long-Run Average-Total-Cost Curve
A curve that shows the lowest cost at which a firm is able to produce a given level of output in the long run, when all inputs can be varied.
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