Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. Assuming that lionfish is a substitute for snapper, what will likely happen to fishing efforts for lionfish if the price of snapper increases?
A) Fishing efforts will increase.
B) Fishing efforts will decrease.
C) Fishing efforts will remain the same if supply is perfectly inelastic.
D) A and C
D
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Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict thatQuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. firms will attempt to lower their implicit costs. B. price must rise. C. new firms will enter the industry. D. old firms will exit the industry.
Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. If Kyle plays his ideal mixture, Stan's expected payoff is zero w
A) plays a pure strategy of "shoot 1." B) plays a pure strategy of "shoot 2." C) plays his ideal strategy. D) All of the above are correct.
Which of the following contributed to the emergence of hyperinflation in Germany in the early 1920s?
A) payment of massive war reparations required by the Versailles Peace Treaty B) huge budget deficits financed by printing paper money C) decreased desire to hold money on the part of the German people D) All of the above
The marginal productivity principle says that a profit-maximizing firm should
a. hire capital until its marginal product is zero. b. hire labor until another worker costs more to hire than she can earn for the firm. c. hire the quantities of capital and of labor at which their marginal products are equal. d. hire capital until its marginal product is negative.