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.In the fresh Pacific salmon product market,Gertrude has some control over

Question

Quizplus · Accepted Answer

While Gertrude's contribution to the entire harvest of salmon is negligible, she does have some control over the quantity of fresh salmon that she catches and supplies to the market. However, she does not have control over the price she charges or the competitive environment of the market, as there are thousands of firms like hers operating in the market.

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