Total allowable catch (TAC):
A. explicitly limits the number of days in a season that particular fish may be caught.
B. explicitly limits the number of boats allowed to fish in a particular area.
C. explicitly limits the number or tonnage of fish that can be harvested from a particular
fishery.
D. issues tradable permits limiting the number of fish a particular fisher can catch.
Answer: C
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What will be an ideal response?
Managers in firms with market power can:
A) not influence price. B) develop strategies that involve both the demand and supply sides of the market. C) only focus on the demand side of the market. D) none of the above.