An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in an increase in the equilibrium price of lobster and an increase in the equilibrium quantity. a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease. an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease. a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.
An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in an increase in the equilibrium price of lobster and an increase in the equilibrium quantity. a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease. an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease. a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQ
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An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in
an increase in the equilibrium price of lobster and an increase in the equilibrium quantity .
a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease.
an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease.
a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.
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