Catch equations relate fisheries catch to initial fish abundance and the applied fishing pressure. The Baranov catch equation, often simply referred to as the catch equation, is the commonest one. However, there are exactly three ways of describing seasonal progression of fishing parsimoniously with a single parameter: assume catch rate, fishing effort, or fishing mortality is constant, the last being the assumption underlying the Baranov catch equation. These assumptions imply different dynamics, and only in special cases two of these assumptions can hold true simultaneously. Whether this happens is dictated by the concentration profile (i.e., the dependence of mean fish density where fishing takes place on total stock abundance). We show that the assumed seasonal progression of fishing and the type of the concentration profile have major implications for fishery dynamics as well as biological and economic consequences of fishing, calling for increased awareness of these overlooked assumptions of fishery dynamics. However, in many cases the Baranov catch equation serves as a good approximation, even when its assumption of constant fishing mortality is violated.