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.

---

Definitions:

Eco-friendly

Refers to products, practices, or services designed to reduce harm on the environment.

Clean

The state of being free from dirt, pollutants, or unwanted matter, often associated with hygiene and sanitation.

Logical Reasoning

The process of using a structured, logical approach to analyze a problem and come to a conclusion or solve an issue.

Major Premise

A key statement or proposition from which a conclusion is drawn in a logical argument or syllogism, serving as the basis for the argument.