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

question 82

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 Gertrude is a competitor in both the fresh Pacific salmon market and in the market for crew members, she is called a price

• A)taker in the salmon market and a wage setter in the crew market.
• B)taker in the crew market and a price setter in the salmon market.
• C)taker in both markets.
• D)setter in both markets.

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Definitions:

Social Approval

concerns the positive acceptance or endorsement by others within a social group or society, often influencing individuals' behavior and decisions.

Incubation

Describes a period of nurturing, support, and development for new ideas, startups, or innovations to help them mature or succeed.

Punish Failure

Punish failure refers to the practice of imposing negative consequences on employees or teams for not achieving predefined objectives or standards.

Downsizing

The process of reducing the number of employees on the company's payroll as a means of cutting costs or restructuring the organization.