Suppose that, because of an increase in world demand, the price of the fish from this fishery rises significantly. Illustrate and explain the impact of this price-increase on the fish stock and the...

Suppose that, because of an increase in world demand, the price of the fish from this
fishery rises significantly.
Illustrate and explain the impact of this price-increase on the fish stock and the
competitive level of effort (or employment) in the fishery.


What can be said about the long-run impact on the fish catch? Is it positive,
negative, or indeterminate? Explain.