An Increase in the Demand for Lobster Due to Changes

question 150

Multiple Choice

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

• A)a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.
• B)an increase in the equilibrium price of lobster and no change in the equilibrium quantity.
• C)an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease.
• D)a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease.

Learn the steps to evaluate the strength and validity of arguments.

Distinguish between sound and unsound arguments.

Understand the relevance and irrelevance of reasons in supporting claims.

Recognize the evaluative language used to describe the quality of arguments and argument makers.

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Definitions:

Academic Ability

Refers to the skills and proficiency in academic subjects and tasks, often measured through grades, tests, and assessments.

Self-handicapping

A cognitive strategy where individuals create obstacles and excuses for themselves to avoid blame in case of failure.

Procrastination

The action of delaying or postponing tasks or decisions, often leading to stress, anxiety, and lower performance.

Self-serving Strategies

Behaviors or attitudes adopted by individuals or groups that prioritize personal gain, often at the expense of others or ethical principles.