Scenario 18-1
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 18-1.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.
Correct Answer:
Verified
Q31: The marginal product of labor is
A) the
Q45: Suppose that eight workers can manufacture 70
Q47: Scenario 18-1
Gertrude Kelp owns three boats that
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