An Increase in the Demand for Lobster Due to Changes

question 152

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 of 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.

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