The majority of work done in the economics of fisheries uses the assumption of a fixed price of output. This paper describes the effects on the traditional fisheries model of relaxing this assumption, the most important of which, as far as regulation agencies are concerned are the negation of marginal cost of effort equaling marginal revenue of effort as the criterion for a social optimum, and the introduction of the possibility of multiple equilibria and multiple industry profit maxima. Also, some new insights on fishery management with variable price and different assumptions about the number of fisheries and the number of countries involved are pointed out.