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. Based on the given information, it is likely that Gertrude's firm has
a. some influence over both the price of salmon and the wages paid to crew members.
b. some influence over the price of salmon but no influence over the wages paid to crew members.
c. some influence over the wages paid to crew members but no influence over the price of salmon.
d. no influence over either the price of salmon or the wages paid to crew members.

Question

06-12-2022
Business

Answered

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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. Based on the given information, it is likely that Gertrude's firm has
a. some influence over both the price of salmon and the wages paid to crew members.
b. some influence over the price of salmon but no influence over the wages paid to crew members.
c. some influence over the wages paid to crew members but no influence over the price of salmon.
d. no influence over either the price of salmon or the wages paid to crew members.

Sagot :

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SocialDM SocialDM · Answer 1 · 2022-12-08T20:59:40-05:00

Based on the information, It is likely that Gertrude has: A. some influence over both the price of salmon and the wages paid to crew members.

Why is that?

Competitors in the market will always influence the price in the market. No matter how small that competitor is.

Every time a company changes a price of a product, it will give an option for the consumers to choose the cheaper ones. When this happens, the product sold in a cheaper price will be bought first. While there will be some leftover fish left unsold from the firm who provides a higher price.

To balance this out, the company who sold higher price will most likely force to lower it to prevent their product being rotten before it's being sold.

The same set of logic apply to wages.

A company would always have influence to determine ages of the crew members. The only question is whether the company want to reduce some part of its net income in exchange of increasing the labor wage.

Read more about about factors that can influence price / wage here :

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