Solved

Scenario 18-1 Gertrude Kelp Owns Three Boats That Participate in Commercial Fishing

Question 50

Multiple Choice

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:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents