Scenario 18-2 Gertrude Kelp Owns Three Boats That Participate in Commercial Fishing

question 52

Multiple Choice

Scenario 18-2
Gertrude Kelp owns three boats that participate in commercial fishing for fresh Pacific salmon off the coast of Alaska. As part of her business she hires a captain and several crew members for each boat. In the market for fresh Pacific salmon, there are thousands of firms like Gertrude's. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
-Refer to Scenario 18-2. If the price of fresh Pacific salmon were to increase significantly, it is most likely that Gertrude would

• A)reduce her demand for crew members.
• B)sell some of her boats.
• C)become a seller in at least one factor market.
• D)hire more crew members.

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Definitions:

Power

The ability to influence or outright control the behavior of people or the course of events.

Both/and Power

A concept referring to the ability to recognize and incorporate multiple perspectives or solutions simultaneously.

Western Culture

A term referring to the social norms, beliefs, values, and practices originating from or associated with the Western part of the world, particularly Europe and the Americas.

Low-power Positions

Situations or roles where an individual or group possesses limited influence, authority, or resources, affecting their ability to assert needs or make decisions.