The market for lobster is in equilibrium. Which factor is most likely to INCREASE the equilibrium price of lobster? A. more boats fishing for lobster B. an increase in the price of salmon, a substitute in consumption C. a record catch D. decreasing household incomes, with lobster being a normal good.
The market for lobster is in equilibrium. Which factor is most likely to INCREASE the equilibrium price of lobster? A. more boats fishing for lobster B. an increase in the price of salmon, a substitute in consumption C. a record catch D. decreasing household incomes, with lobster being a normal good.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section: Chapter Questions
Problem 24AA
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The market for lobster is in equilibrium. Which factor is most likely to INCREASE the
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