An increase in the demand for lobster due to changes in consumer tastes, accompa

Question

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 no change in the equilibrium quantity. a decrease in the equilibrium quantity of lobster and no change in the equilibrium price. 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.

Explanation / Answer

A

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